News & Analysis as of

Regulatory Agenda Financial Services Industry Supervision

Orrick, Herrington & Sutcliffe LLP

CFPB proposes rule clarifying supervisory designation standard for nonbanks

On August 26, the CFPB issued a proposed rule to clarify the legal standard when determining whether to designate a nonbank covered person for Bureau supervision under Section 1024(a)(1)(C) of the CFPA. The proposal would...more

Troutman Pepper Locke

CFPB Proposes Stricter Standards Limiting Supervision of Nonbanks

Troutman Pepper Locke on

The Consumer Financial Protection Bureau (CFPB or Bureau) is taking a significant step to modify its supervisory approach to nonbanks by publishing a proposed rule advancing a more stringent definition of “risks to consumers”...more

A&O Shearman

A smarter regulator – the FCA’s shift in approach

A&O Shearman on

The UK Financial Conduct Authority (FCA) has set out its commitment to “become a smarter regulator” – one that is predictable, purposeful and proportionate. This may have been well received by firms, especially since, tonally...more

Troutman Pepper Locke

The CFPB Issues Revised Sandbox and No-Action Letter Policies

Troutman Pepper Locke on

Earlier this month, the Consumer Financial Protection Bureau (CFPB or Bureau) issued new policy statements regarding its Compliance Assistance Sandbox (CAS) and No-Action Letters (NAL) programs. ...more

Troutman Pepper Locke

CFPB Updates Risk-Based Nonbank Supervision Designation Process

Troutman Pepper Locke on

On Tuesday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a procedural rule streamlining the designation proceedings for nonbank supervision based on a particular entity posing “risks to consumers.” As...more

Venable LLP

CFPB Eyes Consumer Payment Markets for Supervision and Examinations

Venable LLP on

The CFPB's latest regulatory agenda signals that it is considering rules to define larger participants in markets for consumer payments, to be published in July 2023. This action, if implemented, would represent a sea change...more

Cadwalader, Wickersham & Taft LLP

FRB Governor Bowman Speaks on Bank Regulation and Supervision

Federal Reserve Board (“FRB”) Governor Michelle Bowman gave remarks last week to the American Bankers Association (“ABA”) Community Banking Conference. Governor Bowman discussed the role of FRB independence, predictability...more

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