Comptroller of the Currency Thomas Curry believes regulatory cooperation between examiners is key to navigating the division of responsibilities that the Dodd-Frank Act made to bank regulation.
"In a speech to consumer compliance examiners from all the regulators, Curry said the Consumer Financial Protection Bureau is 'the specialist' examiner while the other three banking agencies are 'the general practitioner,'" writes American Banker's Rachel Witkowski.
In the first Federal Financial Institutions Examinations Council's conference for consumer specialists in 15 years, Curry likened the CFPB to "the specialist" examiner and the other three banking agencies as "the general practitioner."
In the speech to consumer compliance examiners, Curry stated, "I know that's an imperfect analogy, but it does illustrate how we can forge a good working relationship and why that relationship matters. I know that's an imperfect analogy, but it does illustrate how we can forge a good working relationship and why that relationship matters."
"While the credit card issues involves coordination of separate responsibilities in a straightforward way, some of the divisions of responsibility in Dodd-Frank are less easy to understand and may require even greater care in communication and coordination," he continued.