WASHINGTON (5/22/13)--The National Association of State Credit Union Supervisors and the Consumer Financial Protection Bureau "will continue to endeavor to promote consistent examination procedures and effective enforcement of state and federal consumer laws and to minimize regulatory burden on state credit unions" under the terms of a new memorandum of understanding (MOU).
CFPB Deputy Director Steve Antonakes, left; Mary Martha Fortney, NASCUS president/CEO; and John Ryan, Conference of State Bank Supervisors president/CEO, pose after signing a memorandum of understanding. (Photo by Randy Jonoski provided by NASCUS)
NASCUS said the MOU, signed Tuesday by representatives from both groups, "provides that state regulators and the CFPB will consult each other regarding the standards, procedures, and practices used by state regulators and the CFPB to conduct compliance examinations of credit unions."
The MOU will help NASCUS and the CFPB avoid wasting time and resources, NASCUS said in a release.
"As we are committed to reducing regulatory burden and increasing examination efficiencies while protecting America's state credit union members, NASCUS is pleased to sign this MOU," Mary Martha Fortney, NASCUS president/CEO, said.
For the full NASCUS release, use the resource link.