WASHINGTON (7/9/13)--The Consumer Financial Protection Bureau has issued final supervisory procedures to bring non-depository institutions that pose risks to consumers under its regulatory purview. The Credit Union National Association, in this week's edition of the Regulatory Advocacy Report, strongly supports the CFPB's continued efforts to scrutinize and regulate non-depository institution practices and urged rigorous oversight.
Nonbanks covered by the CFPB final rule, issued June 26, are companies that offer or provide consumer financial products or services; nonbanks do not include credit unions, banks, or thrifts. The agency is authorized to require reports from these nonbank entities, and conduct examinations of the firms.
"Non-depository institutions engaging or that have engaged in conduct that poses risks to consumers on financial products or services should be subject to the most rigorous consumer protection supervision, regulation, and enforcement, as contemplated by the Dodd-Frank Act," CUNA said in the Report.
Rulemakings to implement a supervisory program for certain nonbank entities are one of many items listed on the CFPB's near-term agenda released last week. (See July 5 News Now story: CFPB Releases Spring 2013 Rulemaking Update.)
Other items addressed in this week's Regulatory Advocacy Report include:
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The Regulatory Advocacy Report is archived on cuna.org.