The Consumer Financial Protection Bureau (CFPB) will begin providing other financial regulators, including the National Credit Union Administration (NCUA), with guidance on how it intends to enforce federal law, the agency revealed Monday.
In announcing the new process, the CFPB noted that while the agency is the primary regulator responsible for implementing consumer protection laws, it is not the only federal or state regulator with that job.
“Enforcement responsibility is spread among a large set of state and federal government agencies to protect families and honest businesses together,” the agency stated.
In explaining the need for the new process, bureau officials said there is a risk that companies might face inconsistent enforcement strategies among the regulators. They also claimed it is important for other regulators to consistently apply the laws the CFPB administers, and therefore the agency will begin issuing circulars specifically on enforcement.
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