Understanding Scope of Practice
Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the CFPB
The Consumer Financial Protection Bureau (CFPB) recently issued a new procedural rule to streamline how it determines which nondepository institutions it has the authority to supervise. According to the CFPB, the new rule...more
On Tuesday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a procedural rule streamlining the designation proceedings for nonbank supervision based on a particular entity posing “risks to consumers.” As...more
On April 16, 2024, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") issued a rule to update its procedures for designating nonbank covered persons for supervision. Section 1024(a)(1)(C) of the Consumer Financial...more
On February 23, the Consumer Financial Protection Bureau announced its first decision designating a nonbank lender for supervision based on potential risk to consumers. As the CFPB emphasized in its press release, however,...more
Since the 2023 spring bank failures, the federal banking agencies have tinkered with significant bank regulations and guidance—ranging from capital, bail-in measures, and resolution planning to climate-risk stress testing,...more
The CFPB's latest regulatory agenda signals that it is considering rules to define larger participants in markets for consumer payments, to be published in July 2023. This action, if implemented, would represent a sea change...more
In this article, we share a timeline of our monthly "bites" for 2022 applicable to the auto finance industry. So, what happened in 2022?...more
For financial service providers in Israel, including of non-bank credit and financial asset services, 2022 was the year of regulatory creation. Regulatory authorities published a number of circulars and directives that...more
Regulatory Developments - CFPB Issues Guidance on Investigation Practices by Consumer Reporting Agencies - On November 10, the CFPB issued a Consumer Financial Protection Circular (Circular) affirming that consumer...more
In a response to the difficulties it experienced in identifying nonbank systemically important entities, the Financial Stability Oversight Council (FSOC) has proposed a new procedure for detecting and dealing with potential...more
In This Presentation: - What is “Supervision”? - CFPB’s Examination Principles - Supervision is a Process - Types of Examinations - Preparing for the Examination - EXAM PROCEDURES ...more
The Consumer Financial Protection Bureau (CFPB) has published a rule that expands the CFPB’s supervision to nonbank auto finance companies for the first time. The CFPB currently supervises automobile financing at the largest...more
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
The end-of-year holidays failed to slow the pace of developments surrounding the Financial Stability Oversight Council’s (FSOC) process for designating nonbank Systemically Important Financial Institutions (SIFIs) for Federal...more
In his prepared remarks for an appearance last month at the Exchequer Club, Consumer Financial Protection Bureau Deputy Director Steven Antonakes discussed the CFPB’s risk-based approach to supervision. (The Exchequer Club’s...more
ECON Votes in Favor of the MIF Regulation - On January 27, the Economic and Monetary Affairs Committee ("ECON") released a press release stating that it had voted in favour of the proposed Regulation on multilateral...more
On February 4, the Financial Stability Oversight Council (Council) today announced changes to certain practices relating to its process for reviewing nonbank financial companies for potential designation. Nonbank financial...more
In a new compliance bulletin (2015-01), the CFPB reminds supervised financial institutions, including nonbanks, of their obligations regarding the disclosure of confidential supervisory information (CSI)....more
The Board of Governors of the Federal Reserve System (“Board”) in December 2012 issued a proposed rule under the Dodd-Frank Act (“DFA”) for the enhanced supervision of foreign banking organizations (“FBOs”) and any foreign...more