Procedural Rule to Establish Supervisory Authority over Certain Nonbank Covered Persons Based on Risk Determination; Final Rule (CFPB - Pre-Fed. Reg. Version)

The CFPB published a procedural final rule, which implements Dodd-Frank Section 1024(a)(1)(C) and authorizes the CFPB to supervise a nonbank covered person based on risk determination. Under the final rule, the CFPB must have reasonable cause to determine that such person is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services.

Effective Date: 30 days after publication in the Federal Register.

See: CFPB Final Rule Release.