In This Issue:
- FEDERAL ISSUES
- STATE ISSUES
- FIRM NEWS
- CONSUMER FINANCE
- PRIVACY/DATA SECURITY
- Excerpt from Consumer Finance:
CFPB, State Regulators Announce Supervision Framework. On May 21, the CFPB and the CSBS released an agreement to coordinate supervision of entities subject to concurrent jurisdiction of the CFPB and one or more state regulators. The Supervisory Coordination Framework is a nonbinding guide that builds offof the parties' 2011 Memorandum of Understanding, which has since been signed by 59 state regulators. The Framework establishes processes for information sharing, consulting on corrective actions, and coordinating exam schedules and supervisory plans. The Framework also includes a general process for resolving disputes between the CFPB and state regulators, and directs the parties to develop additional processes and procedures to ensure standardization and consistency in implementing the Framework.
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Topics: Administrative Authority, Advertising, CFPB, Chevron, Cybersecurity, Fannie Mae, FINRA, Freddie Mac, FTC, Mortgages, National Mortgage Settlement, NIST, Oklahoma Tornado, Preemption, Telemarketing
Published In: Communications & Media Updates, Consumer Protection Updates, Finance & Banking Updates, Privacy Updates, Residential Real Estate Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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