Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CFPB to meet on larger participant definition
WASHINGTON (6/24/11)--The Consumer Financial Protection Bureau (CFPB) has announced it will meet with stakeholders July 8 to work on a definition of what non-depository institution “larger participants” in the financial services market should fall under the bureau’s purview. With its 90-minute meeting, to begin at 8:30 a.m. (ET), the CFPB intends to gather information on setting the parameters of it’s regulation of non-bank/non-credit union financial entities--and identifying what types of entities should be subject to CFPB examination. The Credit Union National Association (CUNA) will participate in those discussions. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB is authorized to supervise all sizes of nonbank payday lenders, private student lenders, and mortgage companies. For other nonbank markets for consumer financial products and services, the Act generally provides authority to supervise “a larger participant”, and requires the CFPB to define such “larger participants.” Dodd-Frank requires that the CFPB issue an initial rule on this subject no later than July 21, 2012, one year after the designated transfer date. Use the resource link below for more information on nonbank participants found on the CFPB website.
Other Resources

RSS





print
News Now LiveWire
A recent report from @TransUnion says consumers born 1981 or later made up 27% of total auto-loan originations in 2014, up 16% from 2009.
18 hours ago
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
1 day ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
13 hours ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
13 hours ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
15 hours ago