CFPB Announces Framework to Coordinate Efforts with State Regulators

The Consumer Financial Protection Bureau (CFPB) and the Conference of State Bank Supervisors (CSBS), acting on behalf of state financial regulatory authorities, announced Tuesday a framework which establishes a process for coordination on supervision and enforcement matters. The framework will apply in situations where the CFPB and state regulators share concurrent supervisory jurisdiction.

“Our strong partnership with state regulators is critical to protecting consumers,” said CFPB Director Richard Cordray. “By working together, we are streamlining our processes, making the most of our joint resources, and ensuring evenhanded oversight of federal consumer financial laws.”