News & Analysis as of

Supervision Nonbank Firms

Goodwin

CFPB Updates its Procedures for Determining Which Nonbanks it Can Supervise

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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

Troutman Pepper

CFPB Updates Risk-Based Nonbank Supervision Designation Process

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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

Hudson Cook, LLP

CFPB Updates Supervision Designation Procedures for Nonbanks Posing Risks

Hudson Cook, LLP on

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

Hudson Cook, LLP

CFPB Issues First Risk-Based Supervision Order

Hudson Cook, LLP on

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

Venable LLP

Tinker, Tailor, Banker, FSOC Designation: New Guidance for Bank-like Regulation and Supervision of Non-Banks

Venable LLP on

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

Venable LLP

CFPB Eyes Consumer Payment Markets for Supervision and Examinations

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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

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review

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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

Barnea Jaffa Lande & Co.

2022: Developments in Financial Service Providers Regulations

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

Goodwin

CFPB Issues Guidance on Investigation Practices by Consumer Reporting Agencies

Goodwin on

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

King & Spalding

FSOC and the Systemic Risk of Nonbank Companies

King & Spalding on

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

MoFo Reenforcement

MBa Compliance Essentials - CFPB EXAMINATIONS: What We Know Now

MoFo Reenforcement on

In This Presentation: - What is “Supervision”? - CFPB’s Examination Principles - Supervision is a Process - Types of Examinations - Preparing for the Examination - EXAM PROCEDURES ...more

Bradley Arant Boult Cummings LLP

CFPB Expands Supervision to Nonbank Auto Finance Companies

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

Ballard Spahr LLP

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

Ballard Spahr LLP on

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

Carlton Fields

FSOC’s Designation of Nonbank SIFIs: More New Developments

Carlton Fields on

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

Ballard Spahr LLP

Supervisory or Enforcement Action? Deputy Director Explains How the CFPB Decides

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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

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

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

Orrick - Finance 20/20

Financial Stability Oversight Council Announces Changes to Nonbank Designations as Systemically Important

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

Ballard Spahr LLP

CFPB issues compliance bulletin on treatment of confidential supervisory information

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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

Dechert LLP

Financial Services Quarterly Report - Second Quarter 2013: The U.S. Federal Reserve Board Charts an Independent Course in the...

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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

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