Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Cornerstone CU Union Foundation says it's prepared to assist #CUs & their employees affected by severe storms in Arkansas and Oklahoma.
57 minutes ago
In 2014,use of remote deposit capture experienced 13% increase to 51%. But checking a balance continued to B the most common mobile activity
1 hour ago
'Fixing Your Finances' part of @PCUA's #iBelong campaign http://t.co/7j6HO1njog @fox43 @Bellco_CU @Members1stFCU
4 hours ago
Home prices outpacing income growth in 3/4 of U.S. markets @RealtyTrac http://t.co/BQR1w4k822
6 hours ago
Refinance #MarchMadness: Refis drive up mid-March mortgage apps: MBA http://t.co/rTUnlJB516
10 hours ago