CFPB Plans To Dust Off 'Dormant' Nonbank Oversight Powers

By Jon Hill (April 25, 2022, 10:05 PM EDT) -- The Consumer Financial Protection Bureau said Monday it will make more use of its "dormant" authority to conduct supervisory examinations of nonbank companies it believes pose risks to consumers, signaling plans to expand its oversight of firms in the burgeoning fintech sector.

In its announcement, the CFPB said it has begun to invoke its Dodd-Frank Act authority that allows the agency to supervise nonbank financial companies when it "has reasonable cause to determine" they are engaged in potentially risky conduct.

This authority, which has seen little previous use since it was implemented in a 2013 rule, gives the CFPB an additional...

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