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Consumer Financial Services Watch News and developments related to consumer financial products and services

Monthly Archives: July 2011

Bureau Asks for Help Deciding Whom to Supervise

Posted in Bureau of Consumer Financial Protection (CFPB)

By: David L. Beam, Stephanie C. Robinson

Debt collectors, consumer lenders, money transmitters, and prepaid card issuers, be forewarned: The Consumer Financial Protection Bureau (the “Bureau”) thinks it might need to send some examiners to your offices to see if you are complying with consumer protection laws.

The Dodd-Frank Act requires the Bureau to examine large banks, thrifts, credit unions, and their affiliates. The Act also allows the Bureau to conduct routine examinations of nonbank covered personsin the residential mortgage lending, private education lending, and payday lending markets, among others. Nondepository covered persons such as these will be subject … Continue Reading