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Underneath the phrases of a memorandum of understanding that representatives of each signed amid a CSBS authorities relations gathering in Washington, the 2 intention to ascertain a method to effectively work collectively in evaluating notes on lenders and servicers of their jurisdictions.
The memorandum furthers FHFA’s work monitoring the counterparty danger of the government-related mortgage traders it oversees and
“The event of an data sharing framework is a crucial milestone that can higher equip each FHFA and state regulators to supervise our respective regulated entities,” FHFA Director Sandra Thompson stated in a press launch.
The event suggests the FHFA and state regulators will proceed a development by which they’ve labored extra carefully collectively over time.
“Establishing data sharing opens the door to a extra collaborative oversight course of,” stated CSBS Board Chair Lise Kruse, who additionally serves as North Dakota’s commissioner of monetary establishments.
Data sharing might revolve round monetary issues like liquidity but in addition may prolong to different regulatory issues each entities have an curiosity in keeping track of akin to knowledge safety.
Such issues have more and more led the state regulators group and the FHFA to seek out they’ve coordinated pursuits.
Whereas the regulatory position of the states and the federal company are distinct, broad mortgage trade discussions with the previous resulted in
A number of companies and regulatory our bodies have signed related agreements for data sharing.
The state regulators group has nonbank MOUs with the Client Monetary Safety Bureau and the Division of Housing and City Improvement. The Federal Housing Finance Company additionally has an MOU with the division, and engages in data sharing with the CFPB.
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