Financial Services Report -- Fall 2012


In This Issue:

Beltway Report; Bureau Report; Operations Report; Arbitration Report; Mortgage Report; Privacy Report; Plastics Report; and Preemption Report.

Excerpt from Beltway Report

MOU on Supervisory Coordination

Five federal supervisory agencies released a Memorandum of Understanding (MOU) clarifying how the agencies will coordinate their supervisory activities, consistent with the Dodd-Frank Act. Section 1025 of the Dodd-Frank Act requires that the CFPB and the prudential regulators—the FRB, FDIC, NCUA, and OCC—coordinate important aspects of their supervision of institutions with more than $10 billion in assets and their affiliates. The MOU is intended to establish coordination and cooperation between the CFPB and the prudential regulators, minimize unnecessary regulatory burden, and decrease the risk of conflicting supervisory directives. Under the MOU, the agencies will coordinate examinations and other supervisory activities and share certain material supervisory information.

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