Congress Passes Nonbank Examination Bill

CFPB

On September 18, the Senate passedby voice vote H.R. 5062, a bipartisan bill that will amend the Consumer Financial Protection Act with respect to the supervision of nondepository institutions to require the CFPB to coordinate its supervisory activities with state regulatory agencies that license, supervise, or examine the offering of consumer financial products or services. The bill declares that the sharing of information with such state entities does not waive any privilege claimed by nondepository institutions under federal or state law regarding such information as to any person or entity other than the CFPB or the state agency. The bill was passed by the U.S. Housein late July, and will take effect on the same day it is signed by President Obama and becomes law.