As you may recall, section 1025 of the Dodd-Frank Act provides that the Consumer Financial Protection Bureau (CFPB) has exclusive authority to require reports and conduct periodic examinations relating to various consumer financial laws and issues, as to insured depository institutions and their affiliates with more than $10 billion in assets. Similarly, section 1024 provides the CFPB comparable supervisory authority with respect to certain entities that are not insured depository institutions with total assets of $10 billion or more.
* Compliance with federal consumer financial laws and certain other federal laws that regulate consumer financial products and services;
* Consumer compliance risk management programs;
* Activities such as underwriting, sales, marketing, servicing, collections, if they are related to consumer financial products or services; and
* Other related matters that the agencies may mutually agree upon.
According to the regulators, "[t]hese coordination undertakings should lead to greater uniformity and efficiencies in supervision and help to minimize regulatory burden on covered depository institutions."
Ralph T. Wutscher
McGinnis Tessitore Wutscher LLP
The Loop Center Building
105 W. Madison Street, 18th Floor
Chicago, Illinois 60602
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