The CFPB sets out a rule to notify nonbanks of supervisory oversight once it determines they may be engaged in practices harmful to consumers.
Consumers who are fed up with aggressive debt collection activities and error-ridden credit reports might be cheered to learn the federal government is set to supervise a number of so-called nonbank financial companies that offer such services. Specifically, the Consumer Financial Protection Bureau, or CFPB, has announced a proposed rule that would bring the biggest
Government agencies expend a lot of time and money coming up with definitions. These exercises might seem silly until a seemingly obvious term like, say, “bank” gets caught up in some sort of enforcement, prosecution or civil action. Then, the official definition suddenly becomes a serious matter, indeed. A current example concerns the term “nonbank,”