Bloomberg Law
April 25, 2022, 5:51 PMUpdated: April 25, 2022, 9:11 PM

‘Dormant’ Dodd-Frank Powers Eyed to Boost Fintech Oversight (2)

Evan Weinberger
Evan Weinberger

The CFPB plans to revive “dormant” Dodd-Frank Act powers that would allow the consumer watchdog to quickly establish routine exams of fintech firms and other nonbank lenders.

With a significant amount of consumer lending moving away from traditional banks, the bureau announced plans on Monday to conduct supervisory exams on any financial firm that it determines is risky.

“This authority gives us critical agility to move as quickly as the market, allowing us to conduct examinations of financial companies posing risks to consumers and stop harm before it spreads,” Consumer Financial Protection Bureau Director Rohit Chopra said in a statement ...

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