- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2024-02-26T21:01:00
The Consumer Financial Protection Bureau (CFPB) announced its first use of a dormant legal provision allowing it to establish supervisory authority over more nonbank financial companies.
Installment lender World Acceptance Corp. was subject to the agency’s first supervisory designation order announced Friday. The CFPB said in a press release it published the order to “provide transparency about how it assesses risks using consumer complaints and other factors.”
In April 2022, the CFPB warned it was looking to increase its examination authority over nonbanks to “level the playing field” between banks and them. The agency’s director, Rohit Chopra, cited the rapid growth of these companies as reason to ensure proper supervision and prevent harm to consumers.
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The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.
The Consumer Financial Protection Bureau ordered Chime Financial to pay $3.25 million in penalties for allegedly delaying consumer refunds past its promised 14-day timeframe.
Digital wallet company PayPal disclosed it won’t face enforcement regarding a Consumer Financial Protection Bureau probe into its subsidiary Venmo.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
