The Conference of State Bank Supervisors (“CSBS”) and the CFPB announced on May 21 that they have signed a new supervisory framework for coordination and information sharing between the CFPB and state banking regulators in supervision and enforcement work. The new framework establishes the process for how state and federal regulators will share supervision of non-depository financial services providers and covered depository institutions with more than $10 billion in assets.

Nutter Notes: According to the CFPB and CSBS, the new framework is intended to implement a flexible process to achieve examination efficiencies and to avoid duplication of time and resources. The new framework builds on a 2011 information-sharing memorandum of understanding between the CFPB, CSBS and various state financial regulatory agencies and regulatory associations.