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.
View the proposed rule.