The Conference of State Bank Supervisors has signed a memorandum of understanding with the Consumer Financial Protection Bureau's implementation team as a starting point in an effort to coordinate supervision between the two.
The MOU calls on regulators to consult with each other on standards, procedures and practices used to examine mortgage lenders, servicers, and non-depositories.
The document seeks to create a balance between state and federal supervision of these institutions and will be the basis for further agreements, said CFPB in a statement.
"Today is an important day for financial supervision," said CSBS chairman Thomas Gronstal. "The formalized coordination between the states and the federal government established by the MOU will do much to create a comprehensive and seamless system of financial supervision and is a step toward a more cooperative system of supervision, which will benefit consumers and financial services providers alike."
Elizabeth Warren, special advisor to the Treasury Department on the CFPB, said the agreement "allows us to bring thousands of financial service providers out of the shadows and to begin the process of ensuring that all lenders comply with the same basic rules.
