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CFPB RIN: 3170-AA46 Publication ID: Fall 2015 
Title: Defining Larger Participants of the Automobile Financing Market and Defining Certain Automobile Leasing Activity as a Financial Product or Service 

The CFPB issued a final rule in June 2015 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 automobile financing.  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 automobile financing and defines "larger participants” of this market that are subject to the CFPB's supervisory authority.  The final rule also defines certain automobile leasing activity as a "financial product or service,” under section 1002(15)(A)(xi)(II) of the Dodd-Frank Act.  The final rule also makes certain technical amendments to the Bureau’s existing larger-participant rules.  The final rule is effective August 31, 2015.

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 1001    12 CFR 1090   
Legal Authority: 12 U.S.C. 5512(b)(1)    12 U.S.C. 5514(a)(1)(B)    12 U.S.C. 5514(a)(2)    12 U.S.C. 5514(b)(7)    12 U.S.C. 5481(15)(A)(xi)   
Legal Deadline:  None
Action Date FR Cite
NPRM  10/08/2014  79 FR 60762   
NPRM Comment Period End  12/08/2014 
Final Rule  06/30/2015  80 FR 37496   
Final Rule Effective  08/31/2015  80 FR 37496   
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:
Amanda Quester
Office of Regulations
Consumer Financial Protection Bureau
Washington, DC 20552
Phone:202 435-7700