John R. Coleman quoted in S&P Global article, “CFPB could disclose decisions to examine nonbanks for risky activities”
S&P GlobalJohn R. Coleman
The S&P Global article, “CFPB could disclose decisions to examine nonbanks for risky activities,” reported on the how the bureau is considering publicly sharing information on nonbanks that may pose risks to consumers in a new proposed procedural rule under the dormant authority of the Dodd-Frank Act. Sharing such information is a departure for the CFPB and many companies are fearful of reputational damage.
Coleman noted, “The broader concern is whether this is a first step in a broader erosion of confidential supervision, which could, over time, make the supervision process a more public, more formal engagement akin to litigation.”
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