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Friday, March 23, 2012

CFPB Requests for Comments Including Defining “Large Participants”

The CFPB is requesting comments on issues raised during a January 19th field hearing meant to gather information in connection with the future exercise of supervisory and rulemaking authority over nonbank covered persons that offer or provide payday loans to consumers.
Comments are due April 23rd, 2012.
Read more.
Read the CFPB prepared transcript.

The CFPB is requesting comments regarding the establishment of the Consumer Advisory Board (CAB). Title X of the Dodd-Frank Act requires the CFPB to administer and enforce federal consumer financial protection laws. Section 1014 requires the CFPB Director to establish a CAB to advise and consult with the CFPB in the exercise of its functions under these laws, and to provide information on emerging practices in the consumer financial products or services industry.
Comments are due March 29th, 2012.
Read more.

The CFPB has requested comments regarding the definition of “large participants.” The CFPB has been given authority to supervise nonbank covered persons of all sizes in the residential mortgage, private education lending, and payday lending markets, and in addition, nonbank “larger participant[s]” in markets for other consumer financial products or services. The CFPB must define “larger participants” by rule by July 21, 2012.
Comments are due April 17th, 2012.
Read more.

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