Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
.@CUNA's Bill Hampel moderates a discussion on the future of credit unions in the post-100 million member world. http://t.co/kcXykiRQVn
55 minutes ago
#Breaking: QE likely to end next month, @federalreserve says #NewsNow #Market http://t.co/u7Fb5l5fwM
1 hours ago
.@Experian study confirms that building a credit history is beneficial to financial marginalized communities. 64M are "credit invisibles"
1 hours ago
Reps. Sherman, Woodall and Heck speak about why they support CU tax status at The Hill forum. http://t.co/fMgBRCJoML
1 hours ago
FOMC: QE likely to end next month #NewsNow #Market http://t.co/akBwP1Dq13
1 hours ago