CFPB, NCUA Sign MOU Regarding Cooperation

Alston & Bird

The Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration (NCUA) have signed a Memorandum of Understanding (MOU) to facilitate and improve coordination between the agencies. The CFPB and NCUA have overlapping supervision authority over credit unions with over $10 billion in assets. Both agencies will engage in semi-annual “strategy planning sessions” to align on and coordinate examinations. The MOU will facilitate information sharing between the agencies, including electronic sharing of Examination Reports and training activities and content.

The MOU follows many other MOUs between regulators, which have been in place for years, and reflects the same commitment to information sharing. The CFPB’s press release noted that the “MOU will permit both agencies to share information related to . . . potential enforcement actions.” Coordination on enforcement matters between the agencies could mark a notable turn in the enforcement landscape for credit unions.

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