FTC and CFPB To Coordinate Efforts
CONSUMER PRIVACY—U.S.January 24, 2012
The Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) have signed an agreement to work together to protect consumers in an effort to eliminate duplication of efforts. In a press release, Richard Cordray, the newly appointed director of the CFPB said, "We are both motivated by the same thing: To do right by consumers," adding that the agreement "is important to making sure markets for consumer financial products are getting efficient and effective federal government oversight." According to the agreement, the agencies will consult on rulemaking and guidance, cooperate on consumer education efforts and inform each other prior to an investigation or enforcement action.