Patrick McHenry, the Republican Chair of the House Financial Services Committee, and two other Republican Committee members have sent a letter to Director Chopra regarding the CFPB’s proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.” 

The proposal is based on the CFPB’s authority to supervise nonbank entities considered to be “a larger participant of a market for other consumer financial products or services.” … Continue Reading