The Consumer Financial Protection Bureau and NASCUS have signed amemorandum of understanding to build on the foundation of state andCFPB coordination and cooperation for the supervision ofstate-chartered credit unions.
|Specifically, NASCUS said in a release, the two will continue toendeavor to promote consistent examination procedures and effectiveenforcement of state and federal consumer laws and to minimizeregulatory burden on state credit unions.
|Further, the MOU provides that state regulators and the CFPBwill consult regarding the standards, procedures and practices usedby state regulators and the CFPB to conduct compliance examinationsof credit unions.
|The MOU also intends to avoid duplication of time and resourcesbetween the state regulators and CFPB, NASCUS said.
|“As we are committed to reducing regulatory burden andincreasing examination efficiencies while protecting America'sstate credit union members, NASCUS is pleased to sign this MOU,”said MaryMartha Fortney, NASCUS president/CEO.
|Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
