HOLLYWOOD, Fla. ― Nonbank financial institutions have another few months before the Consumer Financial Protection Bureau finalizes a rule for supervision.
The rule for nonbank financial institutions will be finalized in the fall, not in late July as initially expected, said Peggy Twohig, the CFPB’s assistant director of nonbank supervision, during an address at the ACA International conference held here. For now, the CFPB is still considering comments, she said.
“Nonbanks” are companies that offer consumer financial products or services but lack bank, thrift, or credit union charters. Debt-collection agencies and some auto finance companies fall under the “nonbank” moniker.
On July 16, the CFPB announced that it would start to police credit reporting agencies, come Sept. 30.