TS CFPB Advisory: CFPB Proposes New “Riskiness” Standard for Nonbanks

On May 24, 2012, the Consumer Financial Protection Bureau announced a proposal for a rule that would set up procedures to supervise nonbanks that may have engaged in activities that pose risks to consumers. Director Richard Cordray stated that “this is an important step in the development of our nonbank supervision program. This proposal allows us to reach nonbanks that we would not otherwise supervise….”

To read the full Troutman Sanders CFPB Advisory, click here.