This Memorandum of Understanding (“MOU”), dated as of Feb. 25, 2019, is made and entered into by the Consumer Financial Protection Bureau (“CFPB”) and the Federal Trade Commission (“FTC”). This MOU is intended to facilitate the fulfillment of the Agencies’ responsibilities in a manner consistent with the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).
The Bureau periodically releases policy guidance, including compliance bulletins, joint-agency memoranda, and other notices and guidance to inform and advise regulated entities.
The Bureau of Consumer Financial Protection (Bureau) is issuing this bulletin to announce changes to how it articulates supervisory expectations to institutions in connection with supervisory events.
Statement on supervisory practices regarding financial institutions and consumers affected by a major disaster or emergency
The Bureau of Consumer Financial Protection (Bureau) recognizes the serious impact major disasters or emergencies have on consumers and the operations of many supervised entities. Existing laws and regulations provide supervised entities regulatory flexibility to take certain actions that can benefit consumers in communities under stress and hasten recovery. The Bureau will also consider the impact of major disasters or emergencies on supervised entities themselves when conducting supervisory activities.
Statement on supervisory practices regarding financial institutions and consumers affected by Hurricane Maria
The Consumer Financial Protection Bureau (CFPB) is issuing this statement to advise our supervised entities that the CFPB encourages them to work with consumers affected by Hurricane Maria to make use of existing regulatory flexibility where doing so would benefit consumers affected by this major disaster.
Statement on supervisory practices regarding financial institutions and consumers affected by Hurricanes Harvey and Irma
The Consumer Financial Protection Bureau (CFPB) is updating its statement on Hurricane Harvey to also address Hurricane Irma. The CFPB advises our supervised entities that we encourage them to work with consumers affected by Hurricanes Harvey and Irma to make use of existing regulatory flexibility where doing so would benefit consumers affected by these major disasters.
CFPB Compliance Bulletin 2017-01
CFPB Bulletin 2016-03
Amends and reissues CFPB Bulletin 2012-03.
Supervisory expectations regarding customer account deposit reconciliation practices
Process for appeals of supervisory matters. (Includes CFPB Bulletin 2012-07 and Revised Process documents).