|January 31, 2012|
Previously published on January 26, 2012
On Tuesday, the Federal Trade Commission (“FTC”) and the Consumer Financial Protection Bureau (“CFPB”) announced an agreement to coordinate consumer protection efforts and avoid duplication as both agencies perform their law enforcement and regulatory missions. The CFPB was created after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) in 2010. The Act requires the CFPB and the FTC to coordinate enforcement activities and promote consistent regulatory treatment of consumer financial products and services.
In the MOU, the two agencies have agreed to:
- meet regularly to coordinate upcoming law enforcement, rulemaking, and other activities;
- inform the other agency, absent exigent circumstances, prior to initiating an investigation or bringing an enforcement action;
- consult on rulemaking and guidance initiatives to promote consistency and reflect the experience and expertise of both agencies;
- cooperate on consumer education efforts to promote consistency of messages and maximum use of resources; and
- share consumer complaints.