Consumer Financial Protection Bureau building in Washington, D.C. June 4, 2013. Photo by Diego M. Radzinschi The CFPB Seeks Power Through Proposed Registry
The CFPB closed out 2022 with a deceptively innocuous-sounding proposal to require nonbank financial companies to report certain public orders and judgments relating to consumer protection violations. However, it is clear that this proposal is a powerful one-way ratchet the CFPB can use to expand regulatory control over fintechs and other nonbank financial companies.
December 28, 2022 at 10:00 AM
7 minute read
The Consumer Financial Protection Bureau (CFPB) made a series of aggressive and unprecedented moves to expand its regulatory purview in 2022. These ranged from announcing the intention to exercise "dormant" authority to conduct regulatory examinations of nonbank financial companies to announcing the intention to force financial institutions to share consumer data with competitors upon consumer request (which CFPB Director Rohit Chopra also described as based on "dormant" authority).
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