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CFPB and NCUA Agree on Greater Cooperation in Supervising Credit Unions

  • The Consumer Financial Protection Bureau (“CFPB”) entered into a memorandum of understanding agreement (“MOU”) with the National Credit Union Administration (“NCUA”) to improve the coordination of supervisory responsibilities of credit unions with over $10 billion in assets.
  • According to the CFPB, under the terms of the MOU, CFPB and NCUA will endeavor to more proactively and efficiently share supervisory information through secure two-way electronic means, including sharing draft and final Reports of Examination for credit unions covered by the MUA. The two agencies will also jointly participate in semi-annual strategy planning sessions to further enhance alignment and coordination during examinations of covered credit unions, and will share information on training activities and content.
  • The MOU’s purpose is to reduce redundancy and unnecessary overlap between the supervisory activities of the two agencies.