On May 16, 2022, the CFPB announced that they are launching a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce federal consumer financial law. To promote consistency among enforcers and fair competition in the market, the CFPB will issue Consumer Financial Protection Circulars to the different government agencies responsible for enforcing federal consumer financial law.
Given that many entities are subject to the jurisdiction of multiple agencies and being the principal regulator responsible for administering the federal consumer financial laws, the CFPB aims to ensure that federal consumer financial law is enforced consistently regardless of the status of a person as a chartered bank or nonbank.
These Consumer Financial Protection Circulars will also be made public to increase transparency for the benefit of the public and regulated entities.
Read the CFPB’s full announcement here.
