Consumer Agency, State Regulators To Combine Efforts

Law360, New York (January 5, 2011, 2:26 PM EST) -- The new consumer protection agency created under last year’s financial reform law has agreed to join forces with state banking regulators to develop consistent examination, compliance and regulation standards in the enforcement of consumer protection laws.

The implementation team of the nascent Consumer Financial Protection Bureau on Tuesday signed a memorandum of understanding with the Conference of State Bank Supervisors agreeing to coordinate oversight of institutions that provide consumer financial products and services.

The CFPB, currently housed within the U.S. Department of the Treasury, and the...
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