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Inside Washington (08/17/2011)
* WASHINGTON (8/18/11)--The U.S. Chamber of Commerce in a comment letter issued Monday has challenged the Consumer Financial Protection Bureau (CFPB) authority to oversee large nonbanks. The chamber cited a “notice and request for comment” the CFPB issued in June. The CFPB notice requested feedback on how the bureau should determine which large nonbanks should be subject to supervision. Because the bureau does not have a permanent director, it lacks the authority to provide such oversight, the chamber said in its comment letter. “The secretary and the bureau should therefore cease all development of the ‘larger participants’ rule until a director has been confirmed,” the letter stated.


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