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CFPB Report: 2015-SR-C-010 June 29, 2015
Recently, the Offices of Inspector General (OIGs) for the prudential regulators1 conducted a joint review of the coordination between the Consumer Financial Protection Bureau (CFPB) and the prudential regulators with respect to performing supervisory activities and avoiding duplication of regulatory oversight responsibilities on matters related to federal consumer financial laws and regulations.2 The OIGs concluded that the CFPB and the prudential regulators were generally coordinating their regulatory oversight activities for federal consumer financial laws in a manner consistent with the provisions of a memorandum of understanding governing coordination activities and with the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).3 Nonetheless, the OIGs identified opportunities for enhanced coordination, including an opportunity for the CFPB to develop a standard process for notifying the prudential regulators of federal consumer financial law violations by institutions with $10 billion or less in total assets.