View Rule
View EO 12866 Meetings | Printer-Friendly Version Download RIN Data in XML |
CFPB | RIN: 3170-AA00 | Publication ID: 2012 |
Title: Supervision of Certain Nonbank Covered Persons--Defining Larger Participants in Certain Consumer Financial Product and Service Markets | |
Abstract: Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the CFPB has published a final rule to implement its supervisory program for nonbank covered persons of the consumer reporting market. Under section 1024 of the Dodd-Frank Act, the CFPB is authorized to supervise certain nonbank 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. The final regulation will help establish the scope of the CFPB's nonbank supervision program by defining who is a larger participant in certain markets for consumer financial products or services, namely consumer reporting. The Dodd-Frank Act provides that an initial rule for defining "larger participants" in a market under section 1024(a)(1)(B) must be issued by July 21, 2012. This was the first in a series of larger participant rulemakings. | |
Agency: Consumer Financial Protection Bureau(CFPB) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 12 CFR 1090 | |
Legal Authority: 12 USC 5514(a)(1)(B) 12 USC 5514(a)(2) 12 USC 5512(b)(1) 12 USC 5512(c)(5) 12 USC 5514(b)(7) |
Legal Deadline:
|
|||||||||||||||
Timetable:
|
Regulatory Flexibility Analysis Required: No | 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 |