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MEMORANDUM OF UNDERSTANDING 

BETWEEN

THE CONSUMER FINANCIAL PROTECTION BUREAU AND 

THE FEDERAL TRADE COMMISSION

I. 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:

A. "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).

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

under Section 1002(5) of the CFP Act.
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C. "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.

D. "MOU Consumer Financial Laws" shall includeFederal 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 LendingAct, 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.

E. "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.

F. "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.

G. "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,
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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

A. Coordinated Law Enforcement Activities
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I. 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.

2. The agencies shall coordinate on maximizing efficiencies and resources by 

seeking opportunities to share resources and eliminate redundancies.

3. 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 

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

B. Notice of Commencement of Investigation

I. 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.

2. 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 Covered Person and the conduct to be
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investigated may violate that order or judgment, the agency shall articulate why it believes that it 

should commence a new investigation.

C. Notice of Filing an Action or Commencing a Proceeding

1. 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.

2. 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.

3. The required notice shallinclude:

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

initiated;

b. The identity of the parties to the action or proceeding;

c. The nature of the action or proceeding;

d. The alleged facts underlying the action or proceeding; and

e. The relief the agency may seek to remedy the allegedconduct.

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.

D. Notice of Resolution of an Action or a Proceeding

I. 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
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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.

2. The required notice shall:

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

proceeding;

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

be unlawful; and

c. Describe the relief the agency may seek or hassought 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.

3. 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 orjudgment.

E. 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.

F. Intervention in Law Enforcement Action

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

jurisdiction under an MOU Consumer Financial Law that theother agency commences against an
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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.

2. 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.

G. Coordination to Minimize Duplicative or Unnecessarily Burdensome Actions

1. 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.

2. 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 againstsuch 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.

V. Rulemaking

A. Consultation - Generally

I. . 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.
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2. 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.

3. With respect to the Omnibus Appropriations Act of 2009, Public Law 111-

8, 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 aspracticable.

4. 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 Lawsto 

the conduct of MOU Covered Persons.

B. Consultation on Rulemakings Regarding the Prohibition on Unfair, Deceptive, 

and Abusive Acts or Practices

1. 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.

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

that it intends to issue proposed orfinal rules 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. 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.

3. The agencies shall confer following theclose of the comment period on
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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

A. 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.

B. 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 andExamination

A. 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.

B. Examination Reports and Confidential Supervisory Information
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1. 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 (I0) 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.

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

regulation 12 C.F.R. § I070.43(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

A. 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.

B. 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 identifiable information and for data security and 

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

complaints,supervision and enforcement activities, and monitoring of the market for Consumer
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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.

X. Consumer Education

A. 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.

B. 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

A. 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 orServices

B. 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

A. All nonpublic information shared pursuant to this MOU shall remain theproperty 

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
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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.

B. 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.

C. 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:

1. 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 ;

2. 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.

3. 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

4. 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.

D. Nothing in this MOU shall prevent an agencyfrom 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.

E. 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 integrity, 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
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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.
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JosephJ. Simons, Chairman 

FederalTradeCommission

Kathleen L. Kraninger, Director 

Consumer Financial Protection Bureau

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