NCUA and CFPB Sign Memorandum of Understanding

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The National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB) have signed a memorandum of understanding agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions with more than $10 billion dollars in assets.

“This agreement underscores NCUA’s commitment to consumer protection by facilitating vital information sharing between the agencies for credit unions over $10 billion dollars in assets,” said NCUA Chairman Rodney E. Hood. “Improved coordination with CFPB will produce better outcomes in support of consumers and reduce burden on covered institutions.”

“Today’s MOU is an important step towards improving our existing framework and increasing opportunities for collaboration between our agencies,” said CFPB Director Kathleen L. Kraninger. “By working in a collaborative way, we will engage in more effective processes to protect consumers in the financial marketplace. We look forward to our continued partnership with the NCUA.”

Click here to view the entire press release

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