WASHINGTON--The CFPB is proposing changes to Larger Market Participant thresholds in four areas – automobile financing, consumer debt collection, consumer reporting and international money transfer markets, America's Credit Unions reported.
The changes would change the CFPB’s supervisory authority over nonbank entities operating in these markets and also raise the threshold for the definition of a larger participant to align with current Small Business Administration (SBA) size standards, ACU explained.
While the four proposed rulemakings do not directly impact credit unions – the changes in thresholds signal an intention from the Bureau to move away from one-size-fits-all approaches to supervision, ACU said.
The four proposed rules are now open for public comment, with responses due to the Bureau by Sept. 22.