The Consumer Financial Protection Bureau proposed adopting a standard that says it can supervise nonbanks if it determines that the nonbank’s products or services pose a risk to consumers.
Details: The CFPB said:
It is proposing to adopt a standard definition of “risks to consumers with regard to the offering or provision of consumer financial products or services” that will bind it in proceedings to designate nonbank covered persons for supervision.
This will ensure that it acts within the bounds of its statutory authority and provides clarity to institutions about the standard it applies.
Input: The CFPB requested comments on all aspects of this standard and said comments must be received by Sept. 25.
