Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CFPB to meet on larger participant definition
WASHINGTON (6/24/11)--The Consumer Financial Protection Bureau (CFPB) has announced it will meet with stakeholders July 8 to work on a definition of what non-depository institution “larger participants” in the financial services market should fall under the bureau’s purview. With its 90-minute meeting, to begin at 8:30 a.m. (ET), the CFPB intends to gather information on setting the parameters of it’s regulation of non-bank/non-credit union financial entities--and identifying what types of entities should be subject to CFPB examination. The Credit Union National Association (CUNA) will participate in those discussions. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB is authorized to supervise all sizes of nonbank payday lenders, private student lenders, and mortgage companies. For other nonbank markets for consumer financial products and services, the Act generally provides authority to supervise “a larger participant”, and requires the CFPB to define such “larger participants.” Dodd-Frank requires that the CFPB issue an initial rule on this subject no later than July 21, 2012, one year after the designated transfer date. Use the resource link below for more information on nonbank participants found on the CFPB website.
Other Resources

RSS





print
News Now LiveWire
#creditunions celebrate #EarthDay2015 by being green aware with e-statements, hosting shred events, planting trees
14 hours ago
From @WSJ: 33% of companies say it took them more than 1 yr to discover a data breach. http://t.co/a0MxV68X6t http://t.co/lkglx6WvKs
18 hours ago
.@CAMCouncil taps into @MICreditUnions' career, tech training resources http://t.co/sotnfCUgIo
19 hours ago
#Inflation ticks up in March, still relatively flat #NewsNow #Market http://t.co/PyAvwdkJ4M
19 hours ago
#NewsNow Ill. league groups elect board, exec officers http://t.co/KAG8MtbGsv
20 hours ago