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Consumer Financial Protection Bureau (CFPB) Financial Services Industry Lead Supervisory Authority

Troutman Pepper

CFPB Updates Risk-Based Nonbank Supervision Designation Process

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On Tuesday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a procedural rule streamlining the designation proceedings for nonbank supervision based on a particular entity posing “risks to consumers.” As...more

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A CFPB First: Bureau Publicly Asserts “Dormant” Supervisory Authority Over Company

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On February 23, the Consumer Financial Protection Bureau (CFPB or Bureau) released an order, dated November 30, 2023, establishing supervisory authority over installment lender World Acceptance Corp. The CFPB found that it...more

Ballard Spahr LLP

Five federal regulators issue statement clarifying role of supervisory guidance

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In what seems to be a response to the Government Accountability Office’s (“GAO”) determination that the Consumer Financial Protection Bureau’s indirect auto finance bulletin (the “Bulletin”) was a rule subject to the...more

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Democratic Senators Urge Mulvaney To Reconsider MLA Supervision Policy Change

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In response to reports that Acting CFPB Director Mick Mulvaney intends to dispense with routine supervisory examinations of creditors for violations of the Military Lending Act (MLA), Senate Democrats sent a joint letter...more

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House Appropriations Committee approves bill making CFPB reforms

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This past Thursday, by a  vote of 31-21, the House Appropriations Committee approved the fiscal year 2018 Financial Services and General Government Appropriations bill.  In addition to multiple provisions to reform the CFPB,...more

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