ARLINGTON, Va.–Credit unions are awaiting the details of a new agreement between NCUA and the CFPB.
As CUToday.info reported here, NCUA and the Consumer Financial Protection Bureau announced a memorandum of understanding agreement to improve coordination between the agencies related to the consumer protection supervision of credit unions over $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 in a statement. “Improved coordination with CFPB will produce better outcomes in support of consumers and reduce burden on covered institutions.”
But details of the MOU have been relatively light, with the agencies only saying publicly the MOU will “better facilitate coordinated examinations to reduce redundancy and unnecessary overlap.”
Whether that better coordination takes place remains to be seen, said NAFCU.
“We have long called for collaboration,” said NAFCU EVP and General Counsel Carrie Hunt. “There has been a lot of topline agreement between the agency and the CFPB, but whether that translates into a more streamlined examination remains to be seen. The MOU is fantastic, but the devil is in the details.”
CUToday.info has filed a Freedom of Information Act request with NCUA for a full copy of the MOU and will provide additional details.