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Final Rules Consumer Financial Protection Bureau (CFPB) Nonbank Firms

Ballard Spahr LLP

House Republican introduces resolution to nullify CFPB non-bank registry rule

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Rep. Andy Ogles, R-Tenn., on August 30, 2024 introduced in the House of Representatives a resolution under the Congressional Review Act (CRA) that would nullify the CFPB’s final nonbank registry rule....more

Ballard Spahr LLP

CFPB Issues Initial Filing Instructions Guide for Nonbank Enforcement Order Registry

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As previously reported, in June 2024 the CFPB issued a final rule creating a Nonbank Enforcement Order Registry. The rule is effective on September 16, 2024, with registrations available beginning on October 16, 2024 pursuant...more

Troutman Pepper

Highlights from the CFPB’s Spring 2024 Semi-Annual Regulatory Agenda

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The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more

Hinshaw & Culbertson - Consumer Crossroads

What Does the CFPB’s New Public Registry to Detect Repeat Offenders Mean for Your Business?

On June 3, 2024, the Consumer Financial Protection Bureau (CFPB) issued the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule (“the Final Rule”)....more

Ballard Spahr LLP

CFPB Issues Final Rule Creating Nonbank Enforcement Action Registry

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The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered...more

Troutman Pepper

CFPB Issues Final Rule on Nonbank Registration of Enforcement Orders

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On June 3, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rule requiring covered nonbanks to register enforcement orders, and it is a doozy. Not only will covered nonbanks be required to register...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - November 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Goodwin

FinCEN Issues NPRM Regarding Access to Beneficial Ownership Information and Related Safeguards

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Regulatory Developments - FinCEN Issues NPRM Regarding Access to Beneficial Ownership Information and Related Safeguards - On December 15, FinCEN issued a Notice of Proposed Rulemaking (NPRM) that would implement...more

Latham & Watkins LLP

CFPB Puts Fintechs in the Crosshairs

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The agency just revived its dormant authority to supervise nonbank financial entities that it determines pose risk to consumers.  On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) - the US government...more

K&L Gates LLP

Time for a Tune-up: CFPB Finalizes Rule to Supervise Nonbank Auto Finance Companies and Issues Auto Finance Examination Procedures

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On June 10, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) published a final rule that will allow the agency to supervise certain larger nonbank auto finance companies for the first time and released auto...more

Ballard Spahr LLP

CFPB Finalizes Rule to Supervise Nonbank Auto Finance Companies, Releases Auto Finance Examination Procedures for Banks, Nonbanks

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The Consumer Financial Protection Bureau has issued a final rule allowing it to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Relatedly, it adopted simultaneously a...more

Ballard Spahr LLP

CFPB finalizes rule to supervise nonbank auto finance companies and releases auto finance examination procedures for banks and...

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The CFPB issued a final rule on June 10, 2015 allowing it to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Relatedly, it adopted simultaneously a separate rule...more

Ballard Spahr LLP

CFPB finalizes rule to supervise larger participant international money transfer providers

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The CFPB has issued a final rule that will allow it to supervise nonbank international money transfer providers that qualify as “larger participants” in the international money transfer market. Consistent with the proposed...more

Dechert LLP

U.S. Consumer Financial Protection Bureau Acts to Expand Its Authority Over Nonbank Consumer Financial Services Companies

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The Consumer Financial Protection Bureau (“Bureau”), pursuant to its authority to extend its supervision to persons that offer or provide any consumer financial product or service that poses a risk to consumers, has adopted a...more

Ballard Spahr LLP

CFPB Finalizes Procedures for Supervising Nonbanks Engaged in Risky Conduct

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The Consumer Financial Protection Bureau has adopted a final rule setting forth the procedures it will use to supervise nonbanks engaged in conduct that poses risk to consumers....more

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