The Consumer Financial Protection Bureau (CFPB) announced in April that it is going to use a rarely used legal provision to start examining nonbank financial institutions that pose risks to consumers. In this video, Jeffrey Alberts, co-chair of Pryor Cashman's FinTech Group, discusses the process that the CFPB uses to determine which nonbank financial institutions are potentially subject to this examination procedure and what FinTech companies should o now in light of the CFPB's announcement.
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