The CFPB has issued a proposed rule to establish a system for the registration of nonbanks subject to CFPB supervision that use “certain terms or conditions that seek to waive consumer rights or other legal protections or limit the ability of consumers to enforce their rights.” Arbitration provisions are among the terms that would trigger registration. … Continue Reading
registration
CA DFPI proposes rule to require registration of consumer financial services providers
By John L. Culhane, Jr. on
Posted in CADFPI, Regulatory and Enforcement
The California Department of Financial Protection and Innovation (DFPI) is seeking comments on a proposed rulemaking under the California Consumer Financial Protection Law (CCFPL). The proposal would implement the authority that the CCFPL gives the DFPI to require companies that provide financial products and services to California consumers to register with the DFPI and to require registered companies “to generate and provide records to facilitate oversight of registrants and detect risks to California consumers.” … Continue Reading
CFPB solicits information on registration system for nonbanks
By John D. Socknat on
Posted in CFPB General, Regulatory and Enforcement
In a Request for Information (RFI) posted on the Federal Business Opportunity website last month, the CFPB solicited information from vendors so the CFPB can “better understand current, state-of-the-art capabilities and strategies to aid its consideration on whether to propose a registration system for nonbank financial institutions.” Pursuant to Dodd-Frank Section 1022, the CFPB is authorized to “prescribe rules regarding registration requirements applicable to a covered person, other than an insured depository institution, insured credit union, or related person.” … Continue Reading