MEMORANDUM OF UNDERSTANDING

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BETWEEN

THE CONSUMER FINANCIAL PROTECTION BUREAU AND

THE FEDERAL TRADE COMMISSION

Agencies

The Consumer Financial Protection Bureau ("CFPB" or "Bureau") and the Federal Trade

Commission ("FTC") (collectively "the agencies"), recognizing that effective cooperation is

critical to protect consumers, prevent duplication of efforts, provide consistency and ensure a

vibrant marketplace for Consumer Financial Products or Services, hereby enter into this

Memorandum of Understanding (" MOU").

The CFPB was established by the Consumer Financial Protection Act of 2010 ("CFP

Act"), 12 U.S.C. § 548 I et seq. The CFPB is an independent agency with the authority to

implement and enforce Federal consumer financial law for the purpose of ensuring that all

consumers have access to markets for Consumer Financial Products and Services and that the

markets for Consumer Financial Products and Services are fair, transparent, and competitive.

The Federal Trade Commission (" FTC") was established by the Federal Trade

Commission Act ("FTC Act"), 15 U.S.C. § 41 et seq. It exercises its authority under the FTC Act

and other laws to prevent business practices that are anticompetitive, deceptive, or unfair to

consumers, and to enhance informed consumer choice and public understanding of the

competitive process. The FTC's jurisdiction in the financial marketplace extends to financial

products and services offered or provided to consumers by persons other than banks, thrifts,

federal credit unions, bona fide non-profit organizations, and others exempt from the FTC's

jurisdiction under the FTC Act. For purposes of this MOU, FTC includes FTC staff.

II.

Definitions

For purposes of this Memorandum of Understanding:

"Confidential Supervisory Information" shall mean any information the CFPB

collects through its supervision of an MOU Covered Person or any other information as defined

by 12 C.F.R. § 1070.2(i).

"Consumer Financial Product or Service" shall have the same meaning as

under Section 1002(5) of the CFP Act.

"Consumer Sentinel Network" shall mean the secure and searchable Internetbased consumer complaint database the FTC administers and makes available to federal, state,

local, and foreign agencies, engaged in law enforcement activities.

"MOU Consumer Financial Laws" shall include Federal consumer financial law

as defined in Section 1002(14) of the CFP Act, the Telemarketing and Consumer Fraud and

Abuse Prevention Act, 15 U.S.C. §§ 6101-6108, the FTC Act, the Military Lending Act, IO

U.S.C. § 987, and all rules promulgated pursuant to those statutes applicable to the offering or

provision of Consumer Financial Products or Services.

"MOU Covered Person" shall mean any person (including any individual ,

partnership, corporation, trust, estate, cooperative, association, or other entity) who offers or

provides Consumer Financial Products or Services, other than a bank, thrift, federal credit union,

or other person excluded from the FTC's jurisdiction under the FTC Act. An MOU Covered

Person includes any affiliate of such person other than a bank, thrift, federal credit union, or other

person excluded from the FTC's jurisdiction under the FTC Act, that is a service provider for any

individual or entity that is itself an MOU Covered Person.

"Research Project" shall mean a major study or report that is intended for public

release by the agency. Research Project shall not include any activities conducted for law

enforcement or supervision purposes, or any activities carried out pursuant to the CFPB's Office

of Research's and the FTC's Bureau of Economics' independent research policies.

"Unified Agenda of Regulatory and Deregulatory Actions" shall mean the

report released by the Office of Information and Regulatory Affairs, and available at

www.gsa.gov/unifiedagenda, on the actions administrative agencies plan to issue in the near and

long term.

III.

Purpose and Background

WHEREAS, the CFPB and the FTC share certain responsibilities and authorities to

protect the nation' s consumers as they shop for and use Consumer Financial Products or

Services,

WHEREAS, the CFPB and the FTC seek to exercise their law enforcement authority to

protect consumers from harmful acts and practices relating to Consumer Financial Products or

Services, while preventing the duplication of efforts, unnecessary burdens on businesses, and

ensuring consistent enforcement of MOU Consumer Financial Laws,

WHEREAS, the CFPB and the FTC intend to formulate policy in a consistent manner to

assist consumers in making well-informed decisions regarding Consumer Financial Products or

Services,

WHEREAS, the CFP Act requires the CFPB and the FTC to enter into an agreement for

coordinating certain law enforcement activities under Section l024(c)(3) of the CFP Act,

including procedures for notice to the other agency, where feasible, prior to initiating a civil

action, and the agencies seek to closely coordinate such activities to promote consistency in law

enforcement and to prevent duplicative or conflicting actions,

WHEREAS, the CFP Act requires the CFPB and the FTC to enter into an agreement to

avoid duplication or conflict with respect to certain rulemaking activities and the agencies seek to

closely coordinate such rulemakings to promote the development and application of consistent

regulatory provisions,

WHEREAS, the CFP Act requires, under Section 1024(a)(2) of the CFP Act, that the

CFPB consult with the FTC prior to issuing a rule under Section I 024(a)(l)( B),

WHEREAS, Section 1013(b)(3)(A) of the CFP Act requires the establishment of a unit at

the CFPB to facilitate the centralized collection of, monitoring of, and response to consumer

complaints regarding Consumer Financial Products and Services and the CFPB's coordination

with the FTC to route complaints to the FTC, where appropriate.

WHEREAS, the CFP Act requires that the CFPB and FTC share consumer complaint

information to facilitate the preparation of the CFPB's annual report to Congress required under

Section 1013(b)(3)(C) of the CFP Act, to facilitate supervision and enforcement activities, and to

facilitate the monitoring of the market for Consumer Financial Products and Services pursuant to

Section 10 I 3(b)(3)(0),

WHEREAS, the CFP Act requires that the FTC coordinate with the CFPB' s Office of

Service Member Affairs to ensure that service members and their families are educated regarding

Consumer Financial Products and Services that motor vehicle dealers offer pursuant to Section

I029(e)(I) of the CFP Act, and that the agencies effectively monitor, respond to and where

appropriate pursue enforcement action on the complaints of service members and their families

concerning motor vehicle dealers pursuant to Section I 029(e)(2), and

WHEREAS, the CFP Act requires that the CFPB provide the FTC access to certain

examination reports upon reasonable assurances of confidentiality, and authorizes the CFPB to

provide any other report or other Confidential Supervisory Information to the FTC, purs uant to

Section I022(c)(6)(C) of the CFP Act,

The agencies hereby enter into this agreement.

IV.

Law Enforcement

Coordinated Law Enforcement Activities

The agencies shall coordinate law enforcement activities regarding the

offering or provision of Consumer Financial Products or Services by MOU Covered Persons

under the MOU Consumer Financial Laws, including conducting joint investigations where

appropriate, to minimize duplication of efforts and burden on MOU Covered Persons.

The agencies shall coordinate on maximizing efficiencies and resources by

seeking opportunities to share resources and eliminate redundancies.

As requested, but not less than annually , the Bureau's Assistant Director

for the Office of Enforcement and the FTC's Associate Director of the Division of Financial

Practices , or their designees, shall discuss legal issues presented by on-going or contemplated

enforcement actions, with the objective of ensuring, to the greatest extent possi_ble, that legal

interpretations of the MOU Consumer Financial Laws taken in those matters are consistent.

Notice of Commencement of Investigation

Prior to commencing an investigation of an MOU Covered Person for

potential violations of an MOU Consumer Financial Law in connection with offering or

providing Consumer Financial Products or Services, each agency shall, through regular

consultations or other means, such as the secure computerized system, seek to determine whether

the other agency (i) has investigated or is investigating that MOU Covered Person for violations

of an MOU Consumer Financial Law in connection with offering or providing Consumer

Financial Products or Services; (ii) has filed a court action or administrative proceeding against

that MOU Covered Person alleging violations of an MOU Consumer Financial Law in

connection with offering or providing Consumer Financial Products or Services; or (iii) has

obtained an order or judgment against that MOU Covered Person in a court action or

administrative proceeding based on violations or alleged violations of an MOU Consumer

Financial Law in connection with offering or providing Consumer Financial Product or Services .

Upon receipt of an inquiry whether the other agency has or had an investigation , action or

proceeding, or order or judgment described in (i) - (iii) above, the agency to which the inquiry

was directed shall respond within ten (I 0) business days.

Absent exigent circumstances, five (5) business days before commencing

an investigation of an MOU Covered Person for potential violations of an MOU Consumer

Financial Law in connection with offering or providing Consumer Financial Products or

Services, an agency shall notify the other agency of the identity of the MOU Covered Person and

the intended topic or topics of the investigation. If the other agency has or had an investigation,

action or proceeding, or order or judgment concerning the MOU Covered Person involving

violation s of an MOU Consumer Financial Law in connection with offering or providing

Consumer Financial Products or Services, the agencies will consult concerning the anticipated

investigation to reduce the risk of inefficient , duplicati ve, or conflicting law enforcement

activities. If the agency seeking to commence the investigation determine s that the other agency

has obtained an order or judgment against the MOU Cove red Person and the conduct to be

investigated may violate that order or judgment, the agency shall articulate why it believes that it

should commence a new investigation.

Notice of Filing an Action or Commencing a Proceeding

The agencies shall provide each other with notice prior to filing a

complaint, a notice of charges, or any similar document that will initiate a court action or an

administrative proceeding alleging that an MOU Covered Person has violated or is violating an

MOU Consumer Financial Law in connection with offering or providing Consumer Financial

Products or Services. Notice shall be given no later than ten (I 0) business days prior to filing.

If the agency filing the document initiating the action or proceeding seeks

a finding of contempt, or, if it plans to seek a temporary restraining order, expedited preliminary

injunction, a temporary cease and desist order or other similar relief, and ten (10) business days

advance notice is not possible, notice shall be given as soon as practicable and not later than

three (3) business days prior to filing.

The required notice shall include:

The court or body in which the action or proceeding is to be

initiated;

The identity of the parties to the action or proceeding;

The nature of the action or proceeding;

The alleged facts underlying the action or proceeding; and

The relief the agency may seek to remedy the alleged conduct.

To the extent the complaint, notice of charges, or similar document that will initiate the action or

proceeding contains the information listed in this subsection, that document constitutes sufficient

notice of that information. In addition , the agency shall provide any materials related to settling

the action or proceeding, if those materials are to be filed at the same time as the complaint,

notice of charges, or similar document. If the information in the notice becomes inaccurate,

incom plet e, or otherwise changes after such notice is given but before a complaint or a notice of

charges is filed, the agency that provided the notice shall update or otherwise modify the

information in the notice as soon as practicable, but in no event later than the time of filing of the

complaint or the notice of charges.

Notice of Resolution of an Action or a Proceeding

No later than ten (10) business days prior to filing a consent decree,

consent order, or settlement agreement in court, or accepting for public comment a proposed

consent order or issuing a final consent order in an administrative proceeding, to resolve

allegations that an MOU Covered Person violated an MOU Consumer Financial Law in

connection with offering or providing Consumer Financial Products or Services, an agency shall

notify the other agency of the action it may take. If ten (10) business days advance notice is not

practicable, notice shall be provided as soon as practicable, but in no event later than the time of

filing.

The required notice shall:

Identify persons who have been or may be named in the action or

proceeding;

Describe the conduct that the agency may allege or has alleged to

be unlawful; and

Describe the relief the agency may seek or has sought to remedy

that conduct.

To the extent a consent decree, consent order, settlement agreement, or similar document

contains the information listed in this subsection , that document constitutes sufficient notice of

that information. If the information in the notice becomes inaccurate, incomplete, or otherwise

changes after such notice is given but before (1) filing the consent decree, consent order, or

settlement agreement in court; (2) accepting for public comment the proposed consent order; or

(3) the issuance of the final consent order in an administrative proceeding, the agency that

provided the notice shall update or otherwise modify the information in the notice as soon as

practicable, but in no event later than when any of those events occur.

An agency shall notify the other agency within ten (10) business days of

obtaining a litigated order or judgment against an MOU Covered Person in a court action or

administrative proceeding based on violations of an MOU Consumer Financial Law in

connection with offering or providing Consumer Financial Products or Services. The notice shall

include a copy of the final order or judgment.

Notice When Declining to Take or Deferring Action

The agencies shall notify each other prior to issuing a no action letter, warning letter,

closing letter, or similar document that declines to take or defers action against an MOU Covered

Person involving an MOU Consumer Financial Law, provided that no notice shall be required if

an agency sends a closing letter solely for the administrative purpose of informing the MOU

Covered Person that the agency has closed an investigation. Notice shall be given within a

reasonable time period prior to issuance. If such advance notice is not practicable, it shall be

provided as soon as practicable, but in no event later than the time of issuance. The required

notice may include the current version of the letter or document on the date that notice is

provided.

Intervention in Law Enforcement Action

Either agency may intervene in any court action in which it shares

jurisdiction under an MOU Consumer Financial Law that the other agency commences against an

MOU Covered Person alleging violations of MOU Consumer Financial Laws in connection with

offering or providing Consumer Financial Products or Services. Upon intervening in any such

actio n, each agency, among other things, may be heard on all matters arising in the action, and

may file petitions for appeal in such actions.

No later than twenty (20) days prior to an agency moving to intervene in

an action that the other agency has commenced, the intervening agency shall notify the other

agency of its intention to intervene and the reason for its intervention. If twenty (20) days

advance' notice is not practicable, the agency shall provide the notice as soon as practicable.

Coordination to Minimize Duplicative or Unnecessarily Burdensome Actions

The agencies shall coordinate regarding potential court actions and

administrative proceedings to minimize inefficiency, duplication, and unnecessary burdens on

MOU Covered Persons. The agencies will not initiate court actions or administrative proceedings

against the same MOU Covered Person regarding violations of MOU Consumer Financial Laws

in connection with offering or providing Consumer Financial Products or Services arising from

the same conduct, except in unusual circumstances and after consultation between the agencies.

This limitation shall not apply to the agencies' filing of joint or coordinated court actions or

administrative proceedings, or to intervention in an action as provided for in Section IV.F.

If an agency has commenced a court action or administrative proceeding

against an MOU Covered Person alleging violations of MOU Consumer Financial Laws in

connection with offering or providing Consumer Financial Products or Services, the other agency

will not, during the pendency of that action or proceeding, commence a court action or an

administrative proceeding against the same MOU Covered Person named in the complaint, notice

of charges, or similar document in such pending action for violating any MOU Consumer

Financial Laws alleged against such MOU Covered Person in the complaint , notice of charges, or

similar document. This provision shall not be construed to prohibit the agencies from filing joint

or coordinated court actions or administrative proceedings, or from intervening in an action as

provided for in Section IV.F.

Rulemaking

Consultation - Generally

The CFPB shall consult with the FTC, in accordance with Section

I022(b)(2) of the CFP Act, regarding rulemakings under MOU Consumer Financial Laws

covering the conduct of MOU Covered Persons in connection with offering or providing

Consumer Financial Products or Services. Consultation shall be undertaken pursuant to the

CFPB's written processes regarding consultation with the appropriate prudential regulators and

other federal agencies.

The FTC shall consult with the CFPB, in accordance with Section 1100C

of the CFP Act, regarding rulemakings under the Telemarketing and Consumer Fraud and Abuse

Prevention Act covering the conduct of MOU Covered Persons in connection with offering or

providing Consumer Financial Products or Services.

With respect to the Omnibus Appropriations Act of 2009, Public Law 1118, 123 Stat. 524 (2009); the Fair Debt Collection Practices Act, 15 U.S.C. §§ 1692-1692p; the

Fair Credit Reporting Act, 15 U.S.C. §§ 1681-1681y; and the Telemarketing and Consumer

Fraud and Abuse Prevention Act, the publishing agency shall notify the other agency no later

than thirty (30) days before the publication of an Advance Notice of Proposed Rulemaking. Such

notification shall include (1) a description of the issues that the document may address or a draft

of the document itself and (2) the expected date of issuance of the document. If thirty (30) days'

notice is not practicable, notice shall be provided as soon as practicable.

The agencies shall meet upon request of either agency, but no less than

twice annually, to discuss additions or subtractions to the Unified Agenda of Regulatory and

Deregulatory Actions that relate to rulemakings that apply MOU Consumer Financial Laws to

the conduct of MOU Covered Persons.

Consultation on Rulemakings Regarding the Prohibition on Unfair, Deceptive,

and Abusive Acts or Practices

Pursuant to Section 1061(b)(5)(D) of the CFP Act, and to avoid

duplication or conflict in regulatory standards developed pursuant to the agencies' respective

rulemaking authorities, the agencies shall consult consistent with the requirements of this MOU

on rulemakings under Section I031 of the CFP Act or Section 18 of the FTC Act covering the

conduct of MOU Covered Persons in connection with offering or providing Consumer Financial

Products or Services.

At the earliest time practicable each agency shall notify the other agency

that it intends to issue proposed or final rules under Section I 031 of the CFP Act or Section 18 of

the FTC Act covering the conduct of MOU Covered Persons in connection with offering or

providing Consumer Financial Products or Services. No later than sixty (60) days before the

publication of an Advance Notice of Proposed Rulemaking , Notice of Proposed Rulemaking,

Final Rule, or similar notice in connection with the issuance of such proposed or final rules , the

publishing agency shall notify the other agency. Such notification shall include (1) a description

of the issues that the proposed or final rules may address or a draft of the proposed or final rules

and (2) the expected date of issuance. If sixty (60) days' notice is not practicable, notice shall be

provided as soon as practicable.

The agencies shall confer following the close of the comment period on

comments filed in response to an Advance Notice of Proposed Rulemaking or Notice of

Proposed Rulemaking as soon as practicable unless the non-publishing agency declines to

consult.

VI.

Agency Guidance

To promote consistency in guidance provided to MOU Covered Persons, the

CFPB and the FTC shall confer as requested by the agencies, but at least once annually, to

discuss initiatives regarding agency policy statements and interpretive rules to be publishe d in the

Federal Register, agency bulletins, and agency advisory opinions that interpret or apply MOU

Consumer Financial Laws to the conduct of MOU Covered Persons in connection with offering

or providing Consumer Financial Products or Services. This provision does not apply to CFPB

regulatory implementation material such as frequently asked questio ns, small entity compliance

guides, webinars, charts and other quick reference materials, and rule summaries.

With respect to agency policy statements and interpretive rules to be published in

the Federal Register, agency bulletins, and agency advisory opinions by either agency that

address unfair, deceptive, or abusive acts or practices regarding MOU Covered Persons in

connection with the offering or provision of Consumer Financial Products or Services, the

iss uing agency shall notify the other agency no later than thirty (30) days prior to issuing such a

document. Such notification shall include ( l) a description of the substance of the document or a

draft of the document itself and (2) the expected date of issuance of the document. If thirty (30)

days' notice is not practicable, the agency shall provide notice as soon as practicable. This

provision applies to acts or practices that are treated as unfair, deceptive, or abusive acts or

practices under Section 103 I of the CFP Act, Sections 5 and 18 of the FTC Act, the Omnibus

Appropriations Act of 2009, the Fair Debt Collection Practices Act, and the Fair Credit

Reporting Act. This provision does not apply to CFPB regulatory implementation materials,

such as frequently asked questions, small entity compliance guides, webinars, charts and other

quick reference material, and rule summaries.

VII.

Supervision and Examination

Sharing Examination Schedules

Within thirty (30) days of finalizing its annual depository and non-depository

examination schedules, the CFPB shall provide the FTC with a copy of the schedules for the

upcoming period. The agencies shall confer as appropriate to discuss the CFPB' s plans to

examine MOU Covered Persons and results of any such examinations, as well as coordination

and cooperation of future activities in light of these results. The CFPB will provide the FTC with

notice of any significant changes to the examination plans as soon as practicable. Upon FTC

request in connection with filing an action or commencing a proceeding or upon FTC request in

other circumstances, the CFPB also will provide the FTC with information regarding the

anticipated start date of a planned examination within two (2) business days of the request.

Examination Reports and Confidential Supervisory Information

Upon written request by the FTC, and pursuant to 12 C.F.R. § 1070.43(a) ,

the CFPB shall provide the FTC with an examination report, including a revised examination

report, pertaining to any MOU Covered Person subject to the FTC' s jurisdiction. Such reports

shall be provided within ten ( I 0) business days of the request unless doing so is impractica ble. If

the CFPB revises an examination report previously provided to the FTC, the CFPB shall notify

the FTC as soon as practicable of such revision.

Upon written request by the FTC to the CFPB, and pursuant to CFPB

regulation 12 C.F.R. § I 070.43(6) and the CFPB' s other policies and procedures, the CFPB will

provide the FTC with Confidential Supervisory Information pertaining to any MOU Covered

Person subject to the FTC's jurisdiction unless it has good cause not to do so and explains to

FTC staff why it will not provide the information. Such requests will be acted on by CFPB as

soon as practicable.

VIII.

Coordination in Strategic and Operational Planning

Cooperation and coordination on projects between the agencies avoids duplication and

the imposition of unnecessary burdens on MOU Covered Persons. To foster long-term

cooperation and coordination, the agencies shall meet periodically to engage in strategic and

operational planni ng, such as by discussing significant upcoming rulemaking , guidance , law

enforcement, and other activities either agency is contemplating taking with respect to MOU

Covered Persons in offering or providing Consumer Financial Products or Services.

IX.

Consumer Complaints

Pursuant to Section I0I3(b)(3)(A) of the CFP Act, the Bureau facilitates the

centralized collection of, monitoring of, and response to consumer complain ts regarding

Consumer Financial Products and Services. The CFPB shall coordinate with the FTC to route

complaints to the FTC, where appropriate. Spec ifically , CFPB shall share consumer complaint

information with the FTC into the Consumer Sentinel Network so that such information will be

made available to all other law enforcement organizations that use Sentinel, subject to the

limitat ions of Section IO13(6)(3)(0) of the CFP Act. The FTC will make consumer complaint

information available to the CFPB through the Consumer Sentinel Network. The agencies shall

make best efforts to direct consumers to the agency best situated to assist the consumers with

their individual complaints. The agencies shall cooperate in the receipt, handling , monitoring,

and routing of consumer complaints concerning Consumer Financial Products of Services.

The agencies will make consumer complaint information available to each other

through secure electronic interfaces subject to the standards applicable to Federal agencies for

protection of the confidentiality of personally ide ntifiable information and for data security and

integrity in order to facilitate the preparation of the Bureau' s annual report to Congress on

complaints, supervis ion and enforcement activities , and monitoring of the market for Consumer

Financial Products and Services pursuant to Section 1013(b)(3)(D).

B. The agencies' responsibilities, if any, under CFP Act §1034 , Response to Consumer

Complaints and Inquiries, are not addressed in this MOU.

Consumer Education

General Coordination

The agencies shall confer periodically to keep informed about current and upcoming

activities, and identify opportunities to enhance distribution and, where appropriate, ensure

consistency of information in consumer and business education materials intended for public

distribution regarding Consumer Financial Products or Services that MOU Covered Persons offer

or provide to consumers.

Military Service Members

The FTC and the CFPB's Office of Service Member Affairs shall confer periodically and

may consider outreach, education, and other initiatives to empower military service members and

their families to make well-informed decisions regarding Consumer Financial Products or

Services, including, but not limited to, decisions relating to the financing motor vehicle dealers

offer to consumers, especially motor vehicle dealers in proximity to military installations.

XI.

Research

The Assistant Director for the Office of Research at the CFPB (or his or her

designee) and the Deputy Director for Consumer Protection of the Bureau of Economics at the

FTC (or his or her designee) shall meet no less than once every six months to discuss all ongoing

and anticipated agency Research Projects and other agency research activities pertaining to MOU

Covered Persons offering or providing Consumer Financial Products or Services

No later than thirty (30) days before an agency releases to the public the results of

a Research Project, it shall notify the other agency of the substance of the results to be reported

and the expected date that it will release the results to the public. If thirty (30) days' notice is not

practica ble, notice shall be provided as soon as practicable.

XII.

Information Sharing and Confidentiality

All nonpublic information shared pursuant to this MOU shall remain the property

of the providing agency unless that agency states otherwise in writing. Except as otherwise

requir ed by applicable la w, the agencies shall take all actions reasonably necessary to preserve,

protect, and maintain all privileges and claims of confidentiality related to all nonpublic

information provided pursuant to this MOU, including, without limitation Confidential

Supervisory Information. Nothing in this MOU waives or alters any privilege, claim of

confidentiality, or other protection applicable to information provided pursuant to this MOU. All

information provided or received pursuant to this MOU shall be used only for official regulatory,

supervisory, or law enforcement purposes.

Except as ot_herwise authorized under this MOU, no further disclosure of

nonpublic information may be made by the agency receiving the information without the written

permission of the agency providing the information.

In the event a third party makes a request (inclu ding, but not limited to, any

demand , subpoena, court order or request made pursuant to the Freedom of Information Act or

the Privacy Act) for access to or copies of nonpublic information received by one agency from

the other agency, the agency receiving the information shall:

As soon as practicable, notify the agency providing the information of the

third party request for such information in writing, including a copy of the request ;

If the request is made pursuant to the Freedom of Information Act or the

Privacy Act, refer, if practicable, such request for material obtained from a providing agency

back to that providing agency for a direct response to the requester. If making such a referral is

not practicable, the receiving agency shall consult with the providing agency in connection with

its response to the requestor.

If the request is not made pursuant to the Freedom of Information Act or

the Privacy Act, before complying with the third party request, consult with the providing agency

and, to the extent applicable, give the providing agency a reasonable opportunity to respond to

the demand or request and to assert all reasonable and appropriate legal exemptions or privileges

that the agency providing the information may request be asserted on its behalf; and

Consent to an application by the agency providing the information to

intervene in any action to preserve, protect, and maintain the confidentiality of such information

or any related privilege.

Nothing in this MOU shall prevent an agency from complying with a legally valid

and enforceable order of a court of the United States or, if deemed compu lsor y, an official

request from the United States Congress, or any committee thereof.

Nothing in this MOU shall be deemed to waive or alter any existing statutory or

regulatory requirements governing the disclosure of nonpublic information. Each agency will

maintain such nonpublic information in a manner that conforms to the standards that apply to

federal agencies for the protection of the confidentiality of nonpublic information and personally

identifiable information and for data security and integri ty, including the Privacy Act, 5 U.S.C. §

552a; the Freedom of Information Act, 5 U.S.C. § 552; Sections 6(f) and 21 of the FTC Act, 15

U.S.C. § § 46(f), 57b-2; Commission Rules 4.9- 4.11, 16 C.F.R. § § 4.9 - 4.11 ; and the CFPB's

Rules, 12 C.F.R. Part I 070.

XIII. Liaison

Unless agreed upon otherwise by the agencies, notices, communication, coordination,

and/or consultation will be provided as follows. Where this MOU requires that the CFPB provide

notice to the FTC, such notice shall be provided to the Associate Director of the Division of

Financial Practices or the Associate Director's designee. Where this MOU requires that the FTC

provide notice to the CFPB, such notice shall be provided to the General Counsel.

For purposes of all other communication, coordination, or consultation required or

contemplated in this agreement, the Associate Director of the Division of Financial Practices at

the FTC, or the Associate Director's designee, shall be the FTC' s liaison, and the Associate

Director for External Affairs at the CFPB, or the Associate Director's designee, shall be the

CFPB's liaison.

XIV. Term

This MOU will remain in effect unless superseded by the signed, mutual agreement of the

agencies.

XV.

Amendments

The agencies may from time to time amend this MOU in wr iting, and such amendment

shall become effective when executed by both agencies.

XVI. Effect

Nothing in this MOU shall be construed to create a cause of action or enforceable legal

right for any person.

XVII. Approval

The CFPB and the FTC have entered into this Memorandum of Understanding on the

25th day of February, 2019.

cMJ-~

Joseph J. Simons, Chairman

Federal Trade Commission

~'m~@if

Kathleen L. Kraninger, Director

Consumer Financial Protection Bureau

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.