Jeffrey Alberts

Pryor Cashman Partner Jeffrey Alberts, who co-heads the firm’s FinTech Group, and Counsel Dustin Nofziger co-authored an article, “The CFPB’s Fintech Power Grab,” for the  New York Law Journal.

The article examines an April 2022 announcement by the Consumer Financial Protection Bureau (CFPB) “that it intends to begin using a ‘dormant’ authority to conduct regulatory examinations of nonbank financial companies when they pose risks to consumers.”

Jeff and Dustin note that the move “has created further confusion among fintechs over who will be supervising them” and that it reflects a “new assertion of power” by the agency.

Read the full article using the link below (subscription may be required).