Monday, June 4, 2012

5 Federal Agencies agree on section of Dodd-Frank Act

Memorandum of Understanding on Section 1025 of Dodd-Frank Act

Barack Obama signs the Dodd-Frank Wall Street Reform and Consumer Protection Act alongside members of Congress in 2010

1) Consumer Financial Protection Bureau (CFPB) and the prudential regulators;
2) The Board of Governors of the Federal Reserve System,
3) Federal Deposit Insurance Corporation (FDIC)
4) National Credit Union Administration (NCUA), and the
5) Office of the Comptroller of the Currency (OCC)

The federal supervisory agencies today released a Memorandum of Understanding (MOU) that clarifies how the agencies will coordinate their supervisory activities, consistent with {Section 1025 of} the Dodd-Frank Wall Street Reform and Consumer Protection Act.

HOW: A Memorandum of Understanding (MOU) was signed seeking to coordinate important aspects of the supervision of insured depository institutions with more than $10 billion in assets (and their affiliates). Such coordination includes complex duties such as scheduling examinations, conducting simultaneous examinations of covered depository institutions (unless an institution requests separate examinations), and sharing draft reports of examination (for comment). These coordination undertakings should but will NOT lead to greater uniformity and efficiencies in supervision and help minimize regulatory burden for U.S. Tax-payers on covered depository institutions.

Read Press release from the Federal Reserve (HERE)

Matt Taibbi of Rolling Stone: How Wall Street Killed Financial Reform


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