CFPB Extends Consumer Finance Oversight To Nonbank Cos.

Law360, New York (June 26, 2013, 7:51 PM EDT) -- The Consumer Financial Protection Bureau on Wednesday issued a final rule giving it regulatory authority over potentially risky financial products offered by all nonbank companies, saying the move was necessary to properly oversee the consumer finance market.

Under the rule, the CFPB will be authorized to regulate any nonbank company that offers consumer financial products or services — such as prepaid card operators — if it has “reasonable cause” to determine that the company is engaging in or has previously engaged in conduct that poses risks...
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