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The Consumer Financial Protection Bureau and Federal Trade Commission will be working together on consumer financial services, regulation and enforcement under an agreement unveiled Monday.

The Dodd-Frank Act requires the two to coordinate their enforcement activities and promote consistent regulatory treatment of consumer financial products and services. CFPB Director Richard Cordray and FTC Chairman Jon Leibowitz signed a memorandum ofunderstanding Friday detailing how they will carry this out, as follows:

• 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. This notice will prevent duplicative or conflicting enforcement efforts and undue burdens on industry.
• 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.
• Share consumer complaints.

Cordray said the agreement will help ensure efficient, effective oversight of consumer financial products. Leibowitz added it will ensure businesses are not "double-teamed" by the two agencies.

NAFCU remains in close contact with CFPB executives and senior staff on regulatory matters, including the management of consumer complaints, that may bring added regulatory burden to credit unions. It is also focusing on ways to help prevent duplication of regulatory activities affecting the cooperatives.