FTC and CFPB reauthorize cooperation MOU

Federal Issues FTC CFPB CFPA MOUs

On February 26, the FTC announced its coordination with the CFPB to reauthorize their memorandum of understanding (MOU), which outlines the two agencies’ cooperation under the Consumer Financial Protection Act to prevent duplication of efforts and ensure consistency. The interagency agreement outlines processes for, among other things, coordinated law enforcement activities; consultation on rulemaking activities, including rulemaking regarding prohibitions on unfair, deceptive, and abusive acts or practices; and coordinated sharing of supervisory and examination information, strategic and operational planning, consumer complaint information, and consumer education efforts. The MOU also addresses provisions related to information sharing and claims of confidentiality.