ALEXANDRIA, Va. (6/8/15)--The Consumer Financial Protection Bureau (CFPB) and prudential regulators generally coordinate their regulatory oversight activities but further opportunities to work together exist, according to a joint report released last week from the regulators’ Offices of the Inspectors General (OIG).
The report (OIG-15-08), which comes from the OIGs of the National Credit Union Administration, Federal Deposit Insurance Corp., Federal Reserve Board of Governors and Department of the Treasury, is intended to examine regulatory effectiveness and potential overlap in the wake of the Dodd-Frank Act’s consolidation of consumer financial protection authorities.
“Officials from the CFPB and prudential regulators reported that they were generally satisfied with the level of communication and coordination occurring, which has continued to improve since the inception of the CFPB,” the report reads. “These officials also identified challenges to coordinating certain supervisory activities and stated that they continue to discuss opportunities for improved coordination.”
The report adds that none of the officials interviewed identified any instances where institutions received duplicative or conflicting supervisory guidance from the CFPB and a prudential regulator.
While the report declined to make any official recommendations, it did identify a number of opportunities that are available for improved coordination between the CFPB and prudential regulators.
According to the report, the CFPB and prudential regulators meet periodically to discuss these and other matters.