The Consumer Financial Protection Bureau (CFPB) continued its push to establish supervisory authority over more nonbank financial companies with the adoption of a procedural rule to streamline the process for such designations.
The rule, posted Tuesday, comes less than two months after the agency announced its first case where it established its oversight authority over a firm that did not consent to supervision. The CFPB said other firms have consented and that it “looks forward to a productive supervisory relationship with all the institutions that are now within its supervisory authority.”
