The Consumer Financial Protection Bureau (CFPB) has announced its intention to utilize a thus far little used provision of the Dodd-Frank Act which allows for the “supervisory examination” of nonbank financial companies which may pose risks to consumers. The CFPB said it intends to use this authority to apply greater supervision to fintechs.
The CFPB also has issued new procedural rules to make these examinations more transparent.
Read on for more details.