Nonbanks that refer to "deposits" and "APY" interest payments are drawing scrutiny from regulators, and some observers say Congress needs to clarify what nonbanks can say about their interest-bearing offerings.
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Legislation to remedy many of the most punishing regulatory elements of the Dodd–Frank Act is pending in Congress,[REF] and debate over revamping Title X of the law, which created the Consumer Financial Protection Bureau (CFPB), is particularly contentious.
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