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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2024-04-17T17:38:00
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.”
The new rule aligns with an agency transition to a new organizational structure for its supervision and enforcement work that will affect supervisory designation proceedings. A CFPB supervision director will initiate such proceedings with a notice of reasonable cause. The rule makes changes to simplify the requirements that notice must meet but does not make any changes to the rights to respond by nonbank covered entities.
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2024-06-20T17:09:00Z By Adrianne Appel
Freedom Mortgage Corp. would have to pay a $3.95 million fine and carry out regular auditing and testing of its loan data under a proposed order by the Consumer Financial Protection Bureau.
2024-06-14T20:37:00Z By Aaron Nicodemus
The Federal Reserve Board ordered an Arkansas bank that partnered with numerous financial technology companies to correct deficiencies in its anti-money laundering, sanctions, risk management, and consumer compliance programs.
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.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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