CFPB Enforcement Against Nonbanks
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The Consumer Financial Protection Bureau (CFPB) is a regulatory body that was founded in 2011 and given authority to supervise and enforce federal consumer financial protection laws. Since its founding, the CFPB has been relaxed on enforcing several protection laws with respect to nonbanks. But as that sector of financial services continues to grow, a failure in a large firm could have a significant impact on the US economy. Increased supervision of nonbanks is a must to ensure stability, sustainability, and consumer confidence in the financial industry.
BAI constantly monitors regulatory updates, summarizes them, and provides organizations with actionable insights on what to prepare for. BAI has documented many factors that have led the CFPB to increase its oversight of nonbanks. BAI helps nonbanks understand the current environment by providing information on:
- Key consumer complaints
- Notable enforcement actions
- What the CFPB is reviewing
- Actionable insights to help nonbanks be prepared
To learn more about how the CFPB is monitoring financial protection laws as they relate to nonbanks, read our article: “CFPB Enforcement Against Nonbanks.”