Venable partner Jonathan Pompan
was quoted in a September 18, 2014 Law360
article on the Consumer Financial Protection Bureau’s (CFPB) proposed rule targeting nonbank lenders. According to the proposed rule, the CFPB would supervise all nonbank lenders making or refinancing at least 10,000 auto loans and leases per year. If approved, nonbank lenders would be under the same supervision as banks.
“It’s an open question as to whether or not the bureau will give those subject to the supervision and examination process the opportunity to work within that environment, as opposed to continuing to jump [straight] to enforcement,” said Pompan.