Extending CFPB Supervision To Nonbanks

Law360, New York (January 6, 2012, 2:17 PM EST) -- On Jan. 5, 2012, one day after President Obama’s controversial recess appointment of Richard Cordray as the new director of the Consumer Financial Protection Bureau, triggering the CFPB’s full powers, the CFPB announced the implementation of a federal nonbank supervision program.

Cordray declared: “This is an important step forward for protecting consumers. Holding both banks and nonbanks accountable to consumer financial laws will help create a fairer, more transparent market for consumers. It will create a better environment for the honest businesses that serve them. And...
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