CFPB Proposes Trimming Nonbank Purview

CFPB proposes trimming nonbank purview

A CFPB rule proposed Tuesday would restrict the bureau’s ability to supervise nonbanks. The agency said it aims to adopt a binding, standardized definition of “risks to consumers” that would make enforcement consistent.

CFPB Rule Limiting Supervision May Open Door for Nonbank Expansion

When the Consumer Financial Protection Bureau posts a notice in the Federal Register, the language is usually dense, procedural and, at least for some, easy to overlook. A bulletin published Tuesday (Aug. 26) sets the stage for a new definition of “risks to consumers” in supervisory designation proceedings. It may quietly redraw the lines of who is, and who is not, subject to the CFPB’s oversight. The Issues on the Table The proposed r…