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CFPB RIN: 3170-AA46 Publication ID: Fall 2014 
Title: Defining Larger Participants of the Automobile Financing Market and Defining Certain Automobile Leasing Activity as a Financial Product or Service 
Abstract:

The CFPB issued a proposed rule in September 2014 (published in the Federal Register in October 2014), that would amend 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 automobile financing. The CFPB proposed 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 proposed rule would identify a market for automobile financing and define "larger participants” of this market that would be subject to the CFPB's supervisory authority. The proposed rule would also define certain automobile leasing activity as a "financial product or service,” under section 1002(15)(A)(xi)(II) of the Dodd-Frank Act. The proposed rule would also make certain technical amendments to the Bureau’s existing larger-participant rules. The CFPB anticipates issuing a final rule after consideration of comments.

 
Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
EO 13771 Designation: uncollected 
CFR Citation: 12 CFR 1001    12 CFR 1090   
Legal Authority: 12 USC 5514(a)(1)(B)    12 USC 5514(a)(2)    12 USC 5512(b)(1)    12 USC 5514(b)(7)(A)    12 USC 5481(15)(A)(xi)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  10/08/2014  79 FR 60762   
NPRM Comment Period End  12/08/2014 
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:
Andrea Edmonds
Office of Regulations
Consumer Financial Protection Bureau
Phone:202 435-7700