On July 3, 2013, the Consumer Financial Protection Bureau (“CFPB”) unveiled its semi-annual update of its rulemaking agenda that highlights recent milestones reached and sets out its priorities and plans for the months ahead.
Key takeaways include:
Nonbank “Larger Participant” Supervisory Program Expansion – The CFPB announced its intention to enlarge its “larger participant” supervisory program for nonbanks, including potentially debt relief services, money services businesses, prepaid cards, and consumer credit products. The agenda indicates that the CFPB expects to make its next announcement on this topic in the form a notice of proposed rulemaking on or before November 2013. Of note, this rulemaking announcement is unrelated to the June 2013 release of a final rule establishing procedures to implement the CFPB’s authority to supervise nonbanks that the CFPB has a “reasonable cause” to determine are engaging, or have engaged, in activity that poses risks to consumers in connection with offering or providing consumer financial products and services.
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