In many ways the Dodd-Frank Act made the Consumer Financial Protection Bureau top dog among financial regulatory agencies in Washington. But an article published in American Banker this week suggests the CFPB may have to work with other agencies to regulate the nation’s smaller financial institutions.
Many of the experts cited say that more senior institutions like the Federal Deposit Insurance Corp., Federal Reserve Board and Office of the Comptroller of the Currency will maintain a significant degree of authority in defining “unfair, deceptive or abusive acts or practices” at financial institutions with less than $10 billion in assets. Those practices could include prepaid and stored-value account transactions.
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