WASHINGTON, Aug. 26 -- Consumer Financial Protection Bureau has issued a proposed rule called: Legal Standard Applicable to Supervisory Designation Proceedings.
The proposed rule was published in the Federal Register on Aug. 26 by Russell Vought, Acting Director, Consumer Financial Protection Bureau.
Summary: The Consumer Financial Protection Bureau (Bureau or CFPB) is proposing to adopt a standard definition of "risks to consumers with regard to the offering or provision of consumer financial products or services" that will bind the Bureau in proceedings to designate nonbank covered persons for Bureau supervision. This will ensure that the Bureau acts within the bounds of its statutory authority and provide clarity to institutions about ...