A new report from the Consumer Federation of America (CFA) warns that potential changes to the threshold for financial institution supervision by the Consumer Financial Protection Bureau (CFPB) could heighten risk to consumers.
A bill introduced in the House of Representatives, H.R. 3072, would raise the current supervision and examination threshold for financial institutions from $10 billion to $50 billion. The CFA report found the change would trim the number of banks subject to CFPB supervision from 124 – out of 5,679 nationwide – to 43.
Read on for more details from the report.
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