CFPB Proposes Definitions for “Larger Participants” in Debt Collection and Credit Reporting Industries

The Consumer Financial Protection Bureau (“CFPB”) has issued a proposed rule defining its authority to examine nonbank “larger participants” in the debt collection and consumer credit reporting industries. The term “larger participant” was not defined in Dodd-Frank. Although the CFPB has the authority to examine any nonbank company in the mortgage, payday lending, and private student lending markets, the CFPB’s jurisdiction to examine companies in other consumer financial markets is limited to “larger participants.”

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