Five federal financial supervisory agencies Monday released a Memorandum of Understanding that clarifies how they will coordinate their supervisory activities, consistent with the Dodd-Frank Act.
Section 1025 of Dodd-Frank requires that the Consumer Financial Protection Bureau, along with the NCUA, FDIC, Federal Reserve, and the Office of the Comptroller of the Currency, coordinate aspects of their supervision of insured depository institutions with more than $10 billion in assets.
The coordination includes scheduling examinations, conducting simultaneous examinations of covered depository institutions unless an institution requests separate examinations, and sharing draft reports of examination for comment.
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