Written by Steve Van Beek
Larger Participants. The CFPB's regulatory and supervision authority extends beyond depository institutions and into nonbanks. One part of this authority is the CFPB's ability to define "larger participants" in consumer markets that it will then regulate. The CFPB had issued proposed rules for the consumer reporting market and the debt collection market and had also issued a general request for comment on other consumer markets for future regulation.
Consumer Reporting Market. On Monday, the CFPB announced a final rule that defines "larger participant" for the credit reporting market. As part of the rulemaking, the CFPB also provided additional information including:
- A Fact Sheet on Regulating the Credit Reporting Market
- Blog Post on How Many Consumer Reporting Companies Exist
- A List of Consumer Reporting Agencies
- A Consumer Advisory Encouraging Consumers to Check their Credit Reports
- A Press Release on the CFPB's Actions to Regulate the Consumer Reporting Market
- Director Cordray's Speech on Credit Reporting
- An Archived Version of the CFPB's July 16th Field Hearing
- The Final Rule
The CFPB indicates in their final rule that they intend to define "larger participants" in other consumer markets in the near future - most likely next with the debt collection market.
Economic Monitor. The latest issue of NAFCU's Economic and CU Issues Monitor is now available for download. The Economic and CU Issues Monitor is NAFCU's monthly update on the macroeconomic and financial trends affecting credit unions. Each month, a "Special Topic" is addressed, concerning various issues of interest to the credit union community. NAFCU members can download the latest issue here. Additional resources and information from NAFCU's Research division can be found here.