With Cordray Director, CFPB Steps Up Nonbank Supervision
By Ryan Schuette | 01/05/2012
The Consumer Financial Protection Bureau made clear Thursday that it will exercise its full authority to supervise a host of nonbank financial entities, with mortgage originators, brokers, servicers, and others in plain view. The bureau, newly empowered by Richard Cordray’s recess appointment Wednesday, offered up a video in which the new director addressed a virtual audience Thursday. The bureau released an 800-plus-page manual for nonbank examiners detailing their examination procedures, which focus on an entity’s volume of business, services, and products.
Read More
