Prudential Regulator definition
Examples of Prudential Regulator in a sentence
The Prudential Regulator and the CFPB points of contact will consult regarding the scheduling of Covered Examinations of each Covered Institution and will agree to a reasonable timetable for sharing scheduling information for the coming year (or supervisory cycle, as applicable).
Prior to issuing a final Covered Report of Examination to a Covered Institution with findings and conclusions from a Covered Examination or taking a supervisory action in connection with the results of a Covered Examination, the CFPB and the Prudential Regulator shall take into consideration concerns, if any, raised in the comments made by the other Agency concerning the Covered Examination.
Nothing in this MOU shall be construed to require a Prudential Regulator and the CFPB to conduct any Covered Examination jointly.
However, consistent with the objectives of this MOU and the Agencies’ supervisory responsibilities, if either the CFPB or the appropriate Prudential Regulator does not conduct a Covered Examination of a Covered Depository Institution in the same supervisory cycle, the other Agency with jurisdiction may examine the Covered Depository Institution as appropriate.
Consistent with those objectives, additional coordination may occur on a voluntary basis subject to mutually agreed protocols between a Prudential Regulator and the CFPB.
A Covered Depository Institution’s request for separate examinations does not prevent the Prudential Regulator and the CFPB from independently determining their examination schedules, consistent with their respective statutory authorities and responsibilities.
Consistent with the Objectives of this MOU, additional coordination may occur on a voluntary basis subject to mutually agreed protocols between a Prudential Regulator and the CFPB.
Unless a Covered Depository Institution requests a longer time period, an opt-out request will remain in effect until the next time when the CFPB and the applicable Prudential Regulator plan a simultaneous exam of that institution.
The Prudential Regulator and the CFPB points of contact also will provide each other with the maximum practicable prior notice of any Covered Supervisory Activity that is not scheduled as part of the annual scheduling of Covered Examinations of Covered Institutions.
To carry out such consultation, the Prudential Regulator and the CFPB points of contact will share information about the scope, estimated start date and duration, and estimated staffing of each Covered Examination.