Bureau of Consumer Financial Protection – Federal Register Recent Federal Regulation Documents

The Bureau of Consumer Financial Protection (``CFPB''), created by the Consumer Financial Protection Act of 2010 (``Act''), is required to implement a program to supervise certain nondepository covered persons for compliance with Federal consumer financial laws. The scope of supervision coverage varies for different product markets. Section 1024 of the Act provides that the CFPB may supervise covered persons in the residential mortgage, private education lending, and payday lending markets. For other markets for consumer financial products or services, the supervision program generally will apply only to a ``larger participant'' of these markets, as defined by rule. The CFPB is required to issue an initial ``larger participant'' rule not later than July 21, 2012, one year after the designated transfer date. This notice and request for comment (``Notice'') seeks public comment on the development of such a rule. After considering any comments on this Notice and other relevant information, the CFPB will draft and publish a proposed rule for public comment.

Pursuant to the Consumer Financial Protection Act of 2010 (``CFP Act''),\1\ the Secretary of the Treasury designates July 21, 2011, as the date for the transfer of functions to the Bureau of Consumer Financial Protection (``CFPB''). On this ``designated transfer date,'' certain authorities will transfer from other agencies to the CFPB, and the CFPB will be able to exercise certain additional, new authorities under the CFP Act and other laws. After consulting with the heads of the agencies whose functions will transfer to the CFPB, as well as the Director of the Office of Management and Budget, the Secretary finds that designating July 21, 2011, as the transfer date will advance the mission of the CFPB and promote an orderly and organized startup.