This column is part a series of articles on the new Consumer Financial Protection Bureau and the upcoming wave of regulations affecting the consumer financial industry

In order “to provide clarity and transparency,” the Consumer Financial Protection Bureau (Bureau) and the Prudential Regulators—the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency and the National Credit Union Administration—jointly issued a supervisory statement addressing agency jurisdiction over the largest banks and credit unions in the United States.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), while sweeping in scope, left unanswered some critical questions about which regulator regulates certain financial institutions and when.