May18 Nonbank Financial Companies Now Covered By Consumer Laws
The Consumer Financial Protection Bureau (CFPB) recently welcomed nonbank fintech companies to the world of CFPB regulation. It did so by announcing its intent to use its long-dormant authority to hold nonbank financial companies to the same standards as traditional banking institutions when it comes to consumer financial products and services.
The CFPB will now have the authority to supervise certain nonbanks “whose activities the CFPB has reasonable cause to determine pose risks to consumers” under federal consumer protection laws. .
May11 Senators Push FinCEN To Implement Beneficial Ownership Reform
This week a bipartisan group of US Senators called on FinCEN to move quicker on beneficial ownership reform. A year after the Corporate Transparency Act was passed, FinCEN has not made any substantial progress on a national beneficial ownership registry.