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The CFPB’s Interest in Examining Fintechs Likely Means More Naming and Shaming by the Agency

By Jeffrey P. Ehrlich, Brandi G. Howard, Kristin Lee, Heryka R. Knoespel & McGuireWoods LLP on April 28, 2022
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On April 25, the Consumer Financial Protection Bureau announced that it will begin examining nonbank “covered persons” that it has determined pose risks to consumers. What is most striking about the announcement is not that the CFPB will start examining this category of nonbanks — it’s had that authority since its inception — but that the CFPB will publicly identify a nonbank as posing risk to consumers before the agency has even conducted its examination.

Read on for details and analysis of this development and implications for the fintech industry.

Photo of Jeffrey P. Ehrlich Jeffrey P. Ehrlich

Drawing on his deep experience in government service, Jeff Ehrlich represents clients in the consumer-finance space, providing advice and counseling to businesses that compete in markets governed by multiple state and federal agencies that enforce complex and often novel statutes and regulations.

Read more about Jeffrey P. EhrlichEmail
Photo of Kristin Lee Kristin Lee

Kristin practices in the areas of financial services litigation and bank regulatory matters. Prior to joining McGuireWoods, Kristin was an examiner with the Office of the Comptroller of the Currency. She supervised large banks on governance, credit risk management practices, and compliance with…

Kristin practices in the areas of financial services litigation and bank regulatory matters. Prior to joining McGuireWoods, Kristin was an examiner with the Office of the Comptroller of the Currency. She supervised large banks on governance, credit risk management practices, and compliance with banking regulations.

Read more about Kristin LeeEmail
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McGuireWoods LLP

At McGuireWoods, we deliver quality work, personalized service and exceptional value. We use technology to provide efficient legal solutions and employ a diverse workforce to bring real-world and innovative perspectives to meeting our clients’ needs. With 1,100 lawyers and 21 strategically located offices…

At McGuireWoods, we deliver quality work, personalized service and exceptional value. We use technology to provide efficient legal solutions and employ a diverse workforce to bring real-world and innovative perspectives to meeting our clients’ needs. With 1,100 lawyers and 21 strategically located offices worldwide, McGuireWoods uses client-focused teams to serve public, private, government and nonprofit clients from many industries, including automotive, energy resources, healthcare, technology and transportation.

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  • Posted in:
    Corporate & Commercial, Financial, Technology
  • Blog:
    Consumer FinSights
  • Organization:
    McGuireWoods LLP
  • Article: View Original Source

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