Larger Participant

News & Analysis as of

The CFPB Issues Proposed International Money Transfer Larger Participant Rule

Proposed rule would subject international money transmitters with at least one million aggregate annual transfers to the CFPB’s supervision and examination of compliance with federal consumer financial laws....more

CFPB Proposes Rule to Define Larger Participants of the International Money Transfer Market

Noting the challenges to providers and consumers, the CFPB issued a proposed rule to define “larger participants” of the international money transfer market that, when finalized, will hold certain nonbank international money...more

Community Bank Alert: OCC Proposes Heightened Standards For Large Banks: How Big Is Large?

As explained in our January 24, 2014 Client Alert, “‘Heightened Standards’ for Large Banks: OCC Proposed Guidelines,” the Office of the Comptroller of the Currency (OCC) has released a proposal seeking comment on guidelines...more

CFPB Proposes To Regulate Large International Money Transfer Providers

On January 23, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would extend its regulatory authority to certain nonbank international money transfer providers....more

CFPB Proposes To Supervise Larger Nonbank International Money Transmitters

On January 23, the CFPB proposed a rule that would allow the agency to supervise nonbank “larger participants” in the international money transfer market. The proposed rule defines “larger participant” to include any entity...more

CFPB Proposes New “Larger Participants” Rule for Non-Bank International Money Transmitters

The Consumer Financial Protection Bureau (CFPB) has proposed a new rule to define “larger participants” of the market for non-bank international money transfers. Comments to the proposed rule will be accepted by the CFPB for...more

CFPB Proposes Definition of Larger Participants for the International Money Transfer Market

On January 23, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would define which nonbank covered persons would be designated “larger participants” for purposes of the international money...more

CFPB issues proposal to supervise “larger participant” international money transfer providers

We had been expecting the CFPB’s next “larger participant” proposal to be a rule for the auto finance market. Instead, the CFPB issued a proposed rule yesterday that would allow it to supervise nonbank international money...more

CFPB Finalizes “Larger Participant” Rule For Student Loan Servicing, Updates Exam Procedures

On December 3, the CFPB issued a final rule that will allow the Bureau to supervise certain nonbank student loan servicers for the first time. The CFPB already oversees student loan servicing at the largest banks. ...more

SEC Order Temporarily Exempting Certain Broker Dealers and Certain Transactions from the Recordkeeping and Reporting Requirements...

Rule 13h-1 (the “Large Trader Rule”) under the Securities Exchange Act of 1934 requires that market participants that conduct a substantial amount of trading activity, as measured by volume or market value, in US securities...more

SEC Delays Effectiveness of Large Trader Reporting for Some Broker-Dealers

The SEC’s “large trader” rules that apply to clearing firms and certain other firms will kick in this November. Thanks to a recent SEC release, some firms are getting a two-year compliance reprieve, but they must develop the...more

CFPB Unveils Regulatory Priorities: More Nonbank Supervision and Substantive Rulemakings Expected

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...more

CFPB Finalizes Debt Collector “Larger Participant” Rule

On October 24, the CFPB issued a final rule that will allow the Bureau to supervise certain debt collectors. Under this rule, debt collectors will be required to provide certain disclosures, provide accurate information,...more

CFPB Issues Final Debt Collection Larger Participant Rule and Examination Procedures

The Consumer Financial Protection Bureau has issued its long-awaited final rule defining larger participants of a market for consumer debt collection. The rule is effective January 2, 2013. To enable its examiners to...more

Just who really is a larger participant?

In February, the CFPB published its proposed rule defining larger participants in the debt collection and credit reporting industries. In general, the proposal advised that the CFPB would be guided by and would use a...more

CFPB Targets Debt Relief Services Market for Supervision

On June 23, 2011, the Consumer Financial Protection Bureau (“CFPB”) announced it had targeted debt relief services as one of six nonbanking consumer financial market areas that could be classified as “larger participants” and...more

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