Outlining CFPB 'Larger Participant' Authority

Law360, New York (February 28, 2012, 1:19 PM EST) -- On Feb. 17, 2012, the Consumer Financial Protection Bureau published the first of what is expected to be several rulemakings implementing its “larger participant” nonbank supervision program.[1] The CFPB proposed rule follows a notice of proposed rulemaking issued last June on which markets the CFPB intends to cover under the program and which entities in such markets should be deemed “larger participants.”[2]

The proposal addresses two of the six consumer financial product and service markets the CFPB identified in its previous NPR: (1) consumer debt collection...
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