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CFPB | RIN: 3170-AA00 | Publication ID: Fall 2011 |
Title: ●Supervision of Certain Nondepository Covered Persons | |
Abstract: Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the CFPB anticipates proposing a rule to implement its supervisory program for nondepository covered persons. Under section 1024 of the Dodd-Frank Act, the CFPB is authorized to supervise certain nondepository covered persons for compliance with Federal consumer financial laws and for other purposes. Under section 1024(a)(1)(B) of the Dodd-Frank Act, for certain markets, the supervision program generally will apply only to "larger participant[s]" of these markets. Under section 1024(a)(1)(C) of the Dodd-Frank Act, the CFPB may bring under its supervisory authority any nondepository covered person who the CFPB has reasonable cause to determine is engaging, or has engaged, in conduct that poses risks to consumers. The contemplated regulations would (i) help establish the scope of the CFPB's nondepository supervision program by defining who is a larger participant in certain markets for consumer financial products or services and (ii) establish procedures for bringing within the scope of the CFPB's nondepository supervision program certain covered persons posing risks to consumers. The Dodd-Frank Act provides that the initial rule for defining who is a "larger participant" under section 1024(a)(1)(B) must be issued by July 21, 2012. | |
Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Other Significant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: Undetermined | Unfunded Mandates: No |
CFR Citation: Not Yet Determined (To search for a specific CFR, visit the Code of Federal Regulations.) | |
Legal Authority: 12 USC 5514(a)(1) 12 USC 5514(a)(2) 12 USC 5512(c)(7) 12 USC 5514(b)(7) |
Legal Deadline:
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Christopher Young Office of Supervision Policy Consumer Financial Protection Bureau Washington, DC 20552 Phone:202 435-7555 |