The CFPB Wants to Include Debt Collectors and Consumer Reporting Agencies Under it's Nonbank Supervision Program

The CFPB Wants to Include Debt Collectors and Consumer Reporting Agencies Under it's Nonbank Supervision Program

The CFPB issued a proposed rule that would require all debt collectors and credit reporting agencies that fall under the definition of  “large participants” to be subject to the same supervision process as banks. 

This proposed rule is possible because the  Dodd-Frank Act created the CFPB and gave it the authority to supervise “large participants,” which, the definition of large participants has not been finalized, but a definition must be initial issued by July 2012. 

The proposed rule would give the CFPB authority to supervise debt collectors with more than $10 million in annual receipts from debt collection activities and consumer reporting agencies with more than $7 million in annual receipts from consumer reporting activities.  Read the proposal.