Memorandum of Understanding on Section 1025 of Dodd-Frank Act
ROD LAMKEY JR/AFP/Getty Images
WHO:
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)
WHAT:
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
Read Press release from the Federal Reserve (HERE)
Matt Taibbi of Rolling Stone: How Wall Street Killed Financial Reform
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