The Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors (CSBS) announced a framework to coordinate supervision and enforcement efforts in situations where they share supervisory jurisdiction.
The framework is intended to maximize CFPB and CSBS resources, reduce regulatory burden on the industry, and strengthen consumer protections. Some of the processes outlined include coordinating exam schedules, developing comprehensive supervisory plans, coordinating information requests, streamlining information sharing and providing advance notice of corrective actions.
Read More: CFPB Press Release
Read More: 2013 CFPB-State Supervisory Coordination Framework