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Friday, May 25, 2012

CFPB Proposes Rule on Supervising Nonbanks

The CFPB is requesting comments on a proposed rule which would set up procedures to supervise nonbanks that may have engaged in activities that pose risks to consumers.

The CFPB is authorized by the Dodd-Frank Act to require reports from and conduct examinations of nonbanks subject to its supervision. The proposed rule sets procedures the CFPB would follow when notifying a nonbank that it is being considered for supervision. The proposal also creates a mechanism for nonbanks to file a petition to terminate supervision authority after two years.

Comment are due to the CFPB on July 24, 2012.

Read more.
View the proposed rule.

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