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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