CFPB Proposes Rule to Define “Larger Participants” It Will Monitor
By: Jeffrey Lapin
On February 16, 2012, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to identify the debt collectors and consumer reporting agencies will fall within its nonbank supervision program. Before it can began to monitor these entitieis, it has to define who is a “larger participant” within these areas. Currently, debt collectors and credit reporting agencies are not subject to direct federal supervision; the government only gets involved after a violation occurs. […]