March 2, 2011

North Carolina State Regulator Signs MOU with Consumer Bureau, NASCUS Working on Additional Agreements

Washington, D.C. — The first memorandum of understanding (MOU) was signed by a state credit union regulator on March 2 and the Consumer Financial Protection Bureau (CFPB) to establish a framework for cooperation and information sharing.

Elizabeth Warren, head of the Consumer Financial Protection Bureau, and North Carolina Administrator of Credit Unions Jerrie Jay signed the MOU today, a cooperative agreement addressing information sharing and regulatory coordination between the CFPB and the North Carolina Division of Credit Unions for oversight of the nation's largest state-chartered credit union.

As directed by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB is to examine credit unions with more than $10 billion in assets for consumer protection compliance. State Employees' Credit Union is the only state-chartered credit union at this time with more than $10 billion in assets.

"The North Carolina Credit Union Division is committed to coordination with the CFPB to fulfill both agencies' statutory and regulatory responsibilities," said Jay, top state credit union regulator in North Carolina and NASCUS Board director. "We look forward to working with the CFPB and its staff, and we are pleased to have signed this agreement."

NASCUS will continue to facilitate the regulatory coordination necessary among state credit union agencies and the CFPB. NASCUS is working with the CFPB to sign an agreement to establish a framework for sharing information among state credit union regulators and for coordinating certain credit union supervisory activities.

"NASCUS will continue to work with the CFPB to facilitate additional agreements for NASCUS state credit union regulators as the agency starts to perform its duties," said NASCUS President and CEO Mary Martha Fortney. "We look forward to continuing to establish a collaborative working relationship among NASCUS, state credit unions regulators and the CFPB."

Information Contact:
Kate Hartig, VP, Public Relations and Legislative Affairs, (703) 528-0669 or
The NASCUS mission is to enhance state credit union supervision and advocate a safe and sound state credit union system.