The CFPB and the Conference of State Bank Supervisors (“CSBS”) signed a memorandum of understanding to establish a foundation of state and federal coordination and cooperation for supervision of providers of consumer financial products and services. The CFPB and CSBS agree to consult each other regarding the standards, procedures, and practices used by state regulators and the CFPB to conduct compliance examinations of providers of consumer financial products and services. The MOU reflects the balance between state and federal regulation established under Dodd-Frank, and likely will be a starting point for additional agreements as needed.