WASHINGTON—The Consumer Financial Protection Bureau has issued a procedural rule to update how it designates a nonbank for supervision.
The updates will streamline the designation proceedings for both the CFPB and nonbanks, the Bureau said.
In 2013, the CFPB issued procedures to govern nonbank supervisory designation proceedings. In 2022, it announced it would begin to make active use of the supervisory designation authority. The CFPB initiated its first round of supervisory designation proceedings under the procedures in 2023.
“The updated process reflects changes to the CFPB’s organizational structure and is informed by the CFPB’s experience with the first round of supervisory designation proceedings,” the Bureau said.
Daily News Headlines. To Your Inbox. Every Day. And It’s Free
The biggest, best and freshest news reporting in credit unions remains free, and now has an added bonus---free shipping to your email address! That’s right. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more. So stop paying those bank-fee-like subscription prices from other so-called “news” publications!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance.
And did we mention it’s free?