The CFPB announced earlier this week that it has entered into a Memorandum of Understanding (MOU) with the National Labor Relations Board (NLRB) that is intended to “help to identify and end financial practices that harm workers and to enhance the enforcement of federal consumer financial protection and labor laws and regulations.” … Continue Reading
memorandum of understanding
FTC and CFPB reauthorize MOU
The FTC and CFPB have reauthorized their memorandum of understanding. According to the FTC’s press release, “the agreement reflects the ongoing coordination between the two agencies under the terms of the Consumer Financial Protection Act, and is designed to coordinate efforts to protect consumers and avoid duplication of federal law enforcement and regulatory efforts.”… Continue Reading
CFPB and FTC reauthorize memorandum of understanding for an additional three years
Taking its inspiration from Elvis Costello’s song lyrics, “peace, love and understanding” is how the FTC describes its “cooperative relationship” with the CFPB in a blog post about the reauthorization of the Memorandum of Understanding (“MOU”) entered into by the two agencies on January 20, 2012.
The MOU had an initial term of three years, and when it was signed, Chris Willis wrote about the MOU’s implications for nonbank entities. … Continue Reading
CFPB/State Attorneys General MOU stalled
The long-anticipated Memorandum of Understanding between the state attorneys general and the CFPB to address information sharing seems to have hit a snag. It has been reported that a group of Republican state AGs have refused to sign the MOU and that, to date, AGs from only 12 states (11 of whom are Democrats) have signed the MOU. … Continue Reading
Plenty to worry about in the CFPB-FTC MOU
The CFPB and the FTC recently released their long-awaited Memorandum of Understanding (MOU), outlining how they plan to work together on non-bank enforcement, rulemaking and research in the consumer financial services market. For non-banks subject to the CFPB’s jurisdiction, there is plenty of cause for concern in the MOU, principally arising from the sharing of information between the two agencies.… Continue Reading
The CFPB presented a report this past Monday trumpeting their accomplishments during the implementation period. And, they mention that they have a memorandum of understanding (MOU) in place with just about every transferor agency or other federal agency (i.e., the FTC) with whom they will be working.
Thanks to the misleadingly “open” design of the CFPB website, it is almost impossible to find their reports and documents and critical official bits and pieces—sprinkled as they are across the Blog, Press Center and a weird “Guidance” link.… Continue Reading