CFPB Issues Rule Outlining Non-Bank Supervision Procedures

June 26, 2013
Reverse Mortgage Daily  
consumer financial protection bureau news

The Consumer Financial Protection Bureau has issued a rule spelling out its power to supervise certain non-banks whose financial products or services may present a risk to consumers. Those may include, but are not limited to, loan originators and brokers as well as servicers of mortgage modifications or foreclosure relief services. The guidance dictates the protocol for notifying a targeted entity that it is being considered for supervision, as well as the procedures for non-bank responses to said notifications. The CFPB was not required to release the rule under Dodd-Frank but did so, anyway, for the sake of transparency.
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