CFPB: Important Comment Period on Nonbank Regulation

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On June 23, the Bureau of Consumer Financial Protection (CFPB) invited preliminary comment on future rulemaking the Bureau will undertake under Section 1024 of the Consumer Financial Protection Act of 2010. Under Section 1024, the Bureau is required to construct a supervisory regime for residential mortgage, private education lending and payday lending firms, as well as the “larger participants” of other product and service markets that the Bureau defines in rulemaking.

A copy of the full Bureau release is available here (please see article below for link). The invitation for comment is not proposed rulemaking, reflecting, no doubt, the statutory limitations on the Bureau’s formal functioning until a Bureau Director assumes office.

Please see full article below for more information.

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