Senators introduce bill to increase “large bank” asset threshold for CFPB supervision

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A bipartisan bill (S. 2732) has been introduced by Republican Senator Pat Toomey and Democratic Senator Joe Donnelly to increase the asset threshold for “large banks” that are subject to CFPB supervision.

The current threshold is total assets of more than $10 billion. Entitled the “Consumer Financial Protection Bureau Examination and Reporting Threshold Act of 2014,” the bill would increase the current threshold to assets of more than $50 billion. The higher threshold would be substantially the same as the threshold for a bank to be designated “systemically important” (i.e., assets of $50 billion or more).

Topics:  Asset Funds, Banks, CFPB, Proposed Legislation

Published In: Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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