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July 21, 2011



I know the July 21st date has officially arrived but . . . won't the director have to be confirmed before any real changes can happen through the CFPB?

Rusty Vellek

Great posting, Steve! You ID'd some big questions that will impact us all at some point. I hope the CFPB is reading too!

Steve Van Beek

The CFPB can propose and finalize regulations for institutions that are already regulated by a federal regulator (i.e., credit unions). It can also examine institutions above $10 billion in assets.

However, the CFPB does not obtain its full powers over nondepository institutions (such as payday lenders, mortgage brokers, etc.) until it has a Senate-confirmed Director.

We discussed this in a June 21 blog post here. http://nafcucomplianceblog.typepad.com/nafcu_weblog/2011/06/cfpbs-authority-without-a-director.html


Thank you - The June 21st post explains it perfectly!


Great points....all in favor of Steve heading the CFPB say "aye"!

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