On Monday, June 4, 2012, the Consumer Financial Protection Bureau (the "CFPB"), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency released a Memorandum of Understanding that clarifies how the agencies will coordinate their supervisory activities, consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act").  Section 1025 of the Dodd-Frank Act requires that the CFPB and these prudential regulators coordinate important aspects of their supervision of insured depository institutions with more than $10 billion in assets and their affiliates.  Such coordination includes scheduling examinations, conducting simultaneous examinations of covered depository institutions unless an institution requests separate examinations, and sharing draft reports of examination for comment.

Read the CFPB press release

Read the Fed press release

Read the FDIC press release

Read the OCC press release

© 2012 Perkins Coie LLP