Browsing: Nonbanks

Newsbytes CFPB proposes to supervise nonbank payment providers

The CFPB has taken steps to regulate large nonbank firms that provide digital payments services, including P2P payments, mobile wallets, and other payment apps, proposing a new rule that would establish its supervisory authority over certain nonbank covered persons participating in a market for “general-use digital consumer payment applications.”.

Newsbytes Gruenberg sees room for more supervision of nonbanks

Nonbank financial institutions have become an integral part of the financial services landscape, and as a result, banks and nonbanks need to be viewed as “an interconnected whole and overseen accordingly,” FDIC Chairman Martin Gruenberg said.

Newsbytes CFPB proposes public registry of nonbank contract terms

The Consumer Financial Protection Bureau this week proposed creating a public registry of terms and conditions in non-negotiable, nonbank contracts that claim to waive a customer’s ability to take certain actions, such as petitioning for bankruptcy or suing the company

Compliance and Risk FSB makes recommendations for addressing systemic risk in NBFI sector

The Financial Stability Board issued a set of policy proposals aimed at addressing systemic risk in the non-bank financial intermediation sector, which the group said are intended to “reduce liquidity demand spikes; enhance the resilience of supply in stress; and enhance risk monitoring and the preparedness of authorities and market participants.”

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