The Consumer Financial Protection Bureau (“CFPB”) on February 16, 2012 announced the first in a series of anticipated proposed rulemakings that will identify and define various nonbank “larger participants” in markets for consumer financial products or services that will be subject to the supervisory authority of the CFPB. This initial rulemaking proposes to bring two markets under the CFPB’s supervision: consumer reporting and consumer debt collection.
Specifically, the CFPB has proposed to extend its supervisory authority over nonbanks offering consumer reporting whose annual receipts from consumer reporting exceed $7 million, and nonbanks providing consumer debt collection whose annual receipts from such consumer debt collection exceed $10 million.
Comments on the rulemaking are due by April 17, 2012. By statute, the final rule must be issued by July 21, 2012, and the CFPB has proposed to implement the final rule 30 days after it is published (although the agency is requesting comment on this timeframe).
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