View Rule

View EO 12866 Meetings

Printer-Friendly Version Download RIN Data in XML

CFPB

RIN: 3170-AA35

Publication ID: Spring 2014

Title: Defining Larger Participants of the Student Loan Servicing Market
Abstract: On December 6, 2013, the CFPB published a final rule that amends the regulation defining larger participants of certain consumer financial product and service markets by adding a new section to define larger participants of a market for student loan servicing. The CFPB issued this rule pursuant to its authority, under the Dodd-Frank Wall Street Reform and Consumer Protection Act, to supervise certain nonbank covered persons for compliance with Federal consumer financial law and for other purposes. The CFPB has the authority to supervise nonbank covered persons of all sizes in the residential mortgage, private education lending, and payday lending markets. In addition, the CFPB has the authority to supervise nonbank "larger participant[s]" of markets for other consumer financial products or services, as the CFPB defines by rule. The final rule identifies a market for student loan servicing and defines "larger participants" of this market that are subject to the CFPB's supervisory authority effective March 1, 2014.
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 1090.106
Legal Authority: 12 USC 5514(a)(1)(B) 12 USC 5514(a)(2) 12 USC 5512(b)(1) 12 USC 5514(b)(7)

Legal Deadline: None

Timetable:

Action	Date	FR Cite
NPRM	03/28/2013	78 FR 18902
NPRM Comment Period End	05/28/2013
Final Rule	12/06/2013	78 FR 73383

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: Joel Singerman Office of Regulations Consumer Financial Protection Bureau Washington, DC 20552 Phone:202 435-7700