The Consumer Financial Protection Bureau (CFPB) is encouraging people to provide comments to help them shape the definition of "larger participant" as it relates to large nonbank financial services companies that should fall under federal regulation.
The Dodd-Frank Act mandated that larger nonbank entities fall under CFPB supervision, but it did not specific how to determine the threshold for defining what a large nonbank is. This provision is related to specific markets, such as consumer installment loans, money transmitting and debt collection.
All companies in the mortgage, payday lending and private student lending markets fall under CFPB supervision.
Interested parties that would like to submit comments to the CFPB to help shape the definition of the "larger participant" for this nonbank supervision can do so by going to the Notice and Request for Comment posted on the CFPB website.
The agency has not listed an expiration date for the request for comments as the notice has not yet been posted in the Federal Register. The expiration date will fall 45 days following the official posting therein.