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Entries in Debt Collection (2)


2017 Maine Legislature to Take Up Bills Impacting Banking, Business, and State Budget

On Friday, January 6, Maine Governor Paul LePage released his biennial general fund budget for 2018-19. Three days later, on Monday, January 9, the Maine Legislature made available its list of proposed bill titles for the first regular session of the 128th Maine Legislature. And, in the world of banking, there are a range of proposed bills likely to affect the financial services industry that we expect to come forward.

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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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