Archive: 1 June 2012

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CFPB Proposes Method for Extending Supervisory Power to “Risky” Nonbanks

CFPB Proposes Method for Extending Supervisory Power to “Risky” Nonbanks

By: Eric Mitzenmacher

The Dodd-Frank Act empowers the CFPB to supervise three classes of nonbank covered persons: (1) participants in certain enumerated consumer financial markets including consumer mortgages, private education loans, and payday loans; (2) larger participants in other consumer financial markets, as further defined by CFPB rulemaking; and (3) other nonbanks engaging in “conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services.”

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