Nonbanks, Get Ready For Broader CFPB Oversight

Law360, New York (July 22, 2013, 6:39 PM EDT) -- The Consumer Financial Protection Bureau has issued a final rule, effective Aug. 2, 2013, that establishes procedures to implement the provisions of section 1024(a)(1)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and bring under the CFPB’s supervision certain nonbanks whose activities it has reasonable cause to determine pose risks to consumers.

Generally speaking, a nonbank subject to the rule is a company that offers or provides consumer financial products or services, but does not include banks, saving institutions or credit unions....
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