- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2024-02-26T21:01:00
The Consumer Financial Protection Bureau (CFPB) announced its first use of a dormant legal provision allowing it to establish supervisory authority over more nonbank financial companies.
Installment lender World Acceptance Corp. was subject to the agency’s first supervisory designation order announced Friday. The CFPB said in a press release it published the order to “provide transparency about how it assesses risks using consumer complaints and other factors.”
In April 2022, the CFPB warned it was looking to increase its examination authority over nonbanks to “level the playing field” between banks and them. The agency’s director, Rohit Chopra, cited the rapid growth of these companies as reason to ensure proper supervision and prevent harm to consumers.
2024-05-16T20:03:00Z By Aaron Nicodemus
The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.
2024-05-07T17:48:00Z By Jeff Dale
The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.
2024-05-02T16:24:00Z By Kyle Brasseur
Digital wallet company PayPal disclosed it won’t face enforcement regarding a Consumer Financial Protection Bureau probe into its subsidiary Venmo.
2025-07-02T18:31:00Z By Aaron Nicodemus
Emerging enforcement priorities of the U.S. Department of Justice’s health care fraud division align with the Trump administration’s emphasis on prosecuting transnational criminal organizations and ending opioid trafficking.
2025-07-01T23:26:00Z By Oscar Gonzalez
Since President Donald Trump took office, the U.S. Federal Trade Commission has yet to keep up the level of enforcement it had under previous chair Lina Khan. The agency, however, returned to antitrust action in the case of fuel stations, just in time for the July 4th holiday.
2025-06-25T16:29:00Z By Oscar Gonzalez
In May, three commissioners for the Consumer Product Safety Commission were abruptly fired by President Donald Trump and sued for their jobs shortly after. A federal judge has ruled that the commissioners should be reinstated, although it’s unclear whether that ruling may itself be reversed.
Site powered by Webvision Cloud