CFPB’s Reach Extends To 'Larger Participants' And Beyond

Law360, New York (December 7, 2012, 2:15 PM EST) -- On Oct. 24, 2012, the Consumer Financial Protection Bureau issued its second “larger participant rule” announcing which debt collectors, debt buyers and collection law firms are subject to its examination and enforcement power. The new programs mark the first time that companies in these industries will be subject to examination by a federal regulator. Previously, on July 20, 2012, the bureau had published its rule defining larger participants in the consumer reporting industry.

The Dodd-Frank Act grants the CFPB supervisory authority over all nonbanks in the...
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