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ARTICLE · 23 JULY 2013

What To Know About CFPB Supervision And Examination

Venable LLP
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The Consumer Financial Protection Bureau recently issued its final rule that establishes procedures to bring under its supervisory authority nonbanks whose activities it has reasonable cause to determine pose risks to consumers.

United StatesFinance and Banking
Jonathan Pompan
Jonathan Pompan

The Consumer Financial Protection Bureau ("CFPB") recently issued its final rule that establishes procedures to bring under its supervisory authority nonbanks whose activities it has reasonable cause to determine pose risks to consumers.  Nonbanks subject to the rule are companies that offer or provide consumer financial products or services but do not have a bank, thrift, or credit union charter.  As a result, providers of financial advisory services, credit counseling, debt management plans, debt settlement, and money transmission services, and their service providers, may be subject to supervision and examination if certain criteria are met.  The rule takes effect on August 2, 2013.

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