On November 2, 2007 in New York Mr. Uldis Cerps, Chairman of Latvia's Financial and Capital Market Commission signed a memorandum of understanding with the New York Banking Department concerning the cooperation and exchange of information in the field of supervision of banks and their cross-border establishments.
This memorandum strengthens the coordination of Latvian and US credit institutions as outlined by the Basel Committee on Banking Supervision, which provides a forum for regular cooperation on banking supervisory matters.