CFPB Maps Out 'Larger Participant' Nonbank Supervision Program
Mondaq Business Briefing › United States Law Articles in English (2011)
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CFPB Maps Out 'Larger Participant' Nonbank Supervision Program
On June 23, the Consumer Financial Protection Bureau ("CFPB") issued a notice and request for comment ("Notice") on defining which entities should be included as "larger participants" in its nonbank supervision program.1 Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act ("DFA"),2 the CFPB is required by July 21, 2012, to define who is a "larger participant of a market for other consumer financial products or services."3 This provision, included within the CFPB's nonbank supervision authority, in effect requires the CFPB to identify the markets for "other consumer financial products or services" that will be part of its nonbank supervisory program,4 as well as the "larger participants" of such identi...
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