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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-11-07T21:02:00
The Consumer Financial Protection Bureau (CFPB) is seeking greater authority to supervise the activities of companies that offer services like digital wallets and payment apps on par with how the agency oversees large banks, credit unions, and other financial institutions.
The CFPB issued a notice of proposed rulemaking Tuesday that would “subject larger nonbank digital consumer payment companies to the CFPB’s authority to conduct examinations, helping to ensure consistent application of federal consumer financial laws across the marketplace,” the agency said in a press release. The proposal is specifically targeted at nonbank companies that handle more than 5 million consumer payment transactions per year and are not considered a small business by Small Business Administration standards.
In a speech last month, CFPB Director Rohit Chopra said the agency was looking at ways to conduct supervisory examinations of nonbanks operating consumer payment platforms. One method he mentioned was defining larger participants in the market and subjecting them to his agency’s scrutiny.
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2024-04-17T17:38:00Z By Kyle Brasseur
The Consumer Financial Protection Bureau 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.
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Installment lender World Acceptance Corp. was the subject of the Consumer Financial Protection Bureau’s first use of a dormant legal provision allowing it to establish supervisory authority over more nonbank financial companies.
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The Consumer Financial Protection Bureau levied a $15 million fine against nonbank online lender Enova International for “widespread illegal conduct” that violated a previous agency order.
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The Department of Justice (DOJ) has proposed a new rule that would regulate the use of Americans’ personal information by foreign companies and foreign persons in six “countries of concern,” prohibiting and restricting the sale of data to thwart the use of data for cyber-enabled activities, espionage, coercion, influence and ...
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New York financial institutions are expected to address cybersecurity risks posed by artificial intelligence (AI), and new guidance from the New York Department of Financial Services is aimed at helping firms do just that.
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