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Financial regulations

CFPB proposes a rule change to cut nonbank supervision

CFPB proposes a rule change to cut nonbank supervision

CFPB News & Analysis, Financial regulations, Politics and policy /

Al Drago/Bloomberg The Consumer Financial Protection Bureau is proposing reducing supervision of all but the largest nonbanks in four key markets: auto financing, consumer credit reporting, debt collection and international money transfers. The move aligns with the bureau’s new priorities of reducing regulations, slashing staff and cutting funding.  Acting CFPB Director Russell Vought on Friday […]

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Title company sues feds over looming reporting rule

AML, Financial regulations, Fraud, Law and legal issues, Title insurance /

A leading title insurer is suing two federal U.S. offices over a new “arbitrary and capricious” reporting rule aimed at preventing money laundering activity that it claims exceeds their authority.  Fidelity National Financial and its similarly named title insurance subsidiary filed the lawsuit in a Florida federal district court in May. Named as defendants were

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CFPB blocks state enforcement of federal consumer laws

CFPB blocks state enforcement of federal consumer laws

CFPB News & Analysis, Financial regulations, Politics and policy, Trump administration /

Russell Vought is the acting director of the Consumer Financial Protection Bureau.Andrew Harrer/Bloomberg The Consumer Financial Protection Bureau has withdrawn guidance from the Biden administration that had expanded states’ rights, allowing individual states to broadly enforce violations of federal consumer protection laws. The CFPB under former CFPB Director Rohit Chopra interpreted the Consumer Financial Protection

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