CFPB Tapping Unused Supervision Authority To Examine Fintechs And Other Nonbank Entities Deemed To “Pose Risks” To Consumers

LexisNexis (July 18, 2022, 2:15 PM EDT) -- In 2010 Congress granted the Consumer Financial Protection Bureau authority to supervise a nonbank financial company when it has “reasonable cause” to determine that the nonfinancial company is engaging in, or has engaged in, conduct that “poses risks” to consumers with regard to the offering or provision of consumer financial services and products....