06 Sep 2022
CFPB To Begin Using Authority To Examine Nonbank Companies' Risk to Consumers
The U.S. Consumer Financial Protection Bureau (CFPB) announced that the agency will begin examining nonbank financial companies whose financial product or service offering pose a risk to consumers. Through a largely unused legal authority, the CFPB intends to hold nonbanks and other unsupervised entities, to the same standards as banks. Review this article for key information on the procedural rule for this authority and the risk determination process.
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- Consumer Financial Protection Bureau's Examination, Investigation, and Enforcement Authority
Check out this practice note for a general overview of the CFPB’s supervisory authority and examination process, including insight into relevant enforcement actions that may inform practitioners’ regulatory strategy.
- Consumer Financial Protection Act Fundamentals
Explore this practice note for an overview of the consumer financial protection laws and regulations implemented in connection with Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
- Responding to Consumer Financial Protection Bureau (CFPB) Civil Investigative Demands
Review this practice note to gain an understanding of the CFPB’s civil investigative demands process, the CFPB’s supervisory authority, and the roles and responsibilities of legal counsel and witnesses under federal laws and regulations.
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