The CFPB Intends to Begin Examining Fintechs Whose Financial Activities, Products or Services Pose…
On April 25, 2022, the CFPB announced that it intends to begin using a largely unused authority to examine nonbank/non-depository financial companies, that operate nationally including fintechs (“nonbanks”) that “pose risks to consumers”. The CFPB’s announcement appears to be in response to the banking industry criticism that nonbanks’ activities are…
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