Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Regulators understanding meant to cut some burden
WASHINGTON (6/5/12)--In a move that could minimize regulatory burdens for credit unions and other financial institutions with more than $10 billion in assets, the National Credit Union Administration, the Consumer Financial Protection Bureau (CFPB), the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency announced they would soon coordinate some of their supervisory and examination efforts.

The collaborative effort was made official in a recent Memorandum of Understanding (MOU).

The Federal Financial Institutions Examination Council (FFIEC), which is comprised of those regulators, said the MOU would help regulators establish arrangements for coordination and cooperation between the CFPB and the prudential regulators, minimize unnecessary regulatory burden, avoid unnecessary duplication of effort, and decrease the risk of conflicting supervisory directives.

Under the MOU, federal financial regulators will, in some cases, work together to schedule examinations and share draft reports of examinations, the FFIEC said. Regulators may also conduct simultaneous examinations of covered depository institutions, but financial institutions will have the ability to request separate examinations from their various regulators, the FFIEC added.

However, the Credit Union National Association (CUNA) said it is concerned by language in the MOU that would allow regulators to hold joint examinations, and share information gathered in those examinations, on a so-called "sampling basis."

For the full FFIEC release, use the resource link.
Other Resources

RSS print
News Now LiveWire
#creditunions emphasize co-op principles during National Co-op Month #NewsNow http://t.co/zEb9UFot1N
4 hours ago
Servicemember's spouse drives away with Bank on More's SUV thanks to #missouri #creditunions http://t.co/WvTrKxh0sV
6 hours ago
From @FHFA this a.m.: U.S. house prices up 0.5% in Aug. on seasonally adjusted basis from previous month. More here: http://t.co/1yVDOPggeX
7 hours ago
@TheNCUA open meeting is slated to start at 10 a.m. ET. Should be a quick one. #NewsNow http://t.co/rfYjnat7eI
7 hours ago
Mass. CUs in unanimous vote joined RI and NH CUs in approving merger of the 3 state leagues 2 form the Cooperative Credit Union Association.
7 hours ago