Alerts5.9.22

Nonbank Financial Companies Now Covered By Consumer Laws

digital

The Consumer Financial Protection Bureau intends to examine and supervise nonbank financial providers, products and services under broad authority granted under Dodd-Frank Act

The Consumer Financial Protection Bureau (CFPB) recently welcomed nonbank fintech companies to the world of CFPB regulation. It did so by announcing its intent to use its long-dormant authority to hold nonbank financial companies to the same standards as traditional banking institutions when it comes to consumer financial products and services.

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