The Federal Reserve and four other U.S. financial regulators said they agreed to coordinate supervision of federally insured banks with assets exceeding $10 billion under the Dodd-Frank Act tightening supervision.
The agencies will coordinate examinations and share information about how the largest banks comply with consumer protection laws, the Fed said today in a joint statement. The Federal Deposit Insurance Corp., the National Credit Union Administration, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau also signed the statement.
“These coordination undertakings should lead to greater uniformity and efficiencies in supervision and help to minimize regulatory burden on covered depository institutions,” the agencies said in the statement. The coordination will reduce regulatory burdens, prevent duplicate efforts and avoid conflicting directives, the agencies said.