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CFPB Report: 2015-SR-X-009 June 1, 2015

Coordination of Responsibilities Among the Consumer Financial Protection Bureau and the Prudential RegulatorsóLimited Scope Review

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OIG Review Methodology

To assess the extent to which the CFPB and prudential regulators were coordinating their supervisory activities and avoiding duplication of regulatory oversight responsibilities, we: 

  • Reviewed relevant sections of the Dodd-Frank Act. 
  •  Interviewed CFPB and prudential regulator officials to understand 
    • Coordination efforts for Very Large and Other institutions, and 
    • Non-examination-related CFPB information requests. 
  • Reviewed memoranda of understanding (MOU) developed by the CFPB and prudential regulators to coordinate supervisory activities and share information. 
  • Conducted research to determine if there were complaints from regulators or financial institutions pertaining to regulatory overlap
  • Coordinated with GAO to understand its completed, ongoing, and planned work in this area and reviewed related GAO reports.

The OIGs agreed that the objective of this review could be addressed with a limited scope review rather than an audit or evaluation. As a result, this limited scope review was not conducted under government audit or evaluation standards. We determined that formal recommendations will not be made in this memorandum. We conducted our review from March through October 2014. In certain cases, we updated information in the report based on feedback from agency management.