The CFPB has focused its attention on the supervision of nonbank financial institutions.

“Consumers deserve the peace of mind that financial companies — both banks and nonbanks — are following the rules,” said Elizabeth Warren, Special Advisor to the Secretary of the Treasury on the CFPB. “The CFPB will be able to examine companies that have never been subject to federal oversight to ensure that no one is gaining an unfair advantage by breaking the law.  This will ultimately create fair competition, better product offerings, and more transparent markets for consumers.”

Six consumer credit markets is where the CFPB will consider supervision, leading to onsite examinations and registration requirements:

1. Debt Collection
2. Consumer Reporting
3. Consumer Credit and Related Activities
4. Money Transmitting, Check Cashing, and Related Activities
5. Prepaid Cards
6. Debt Relief Services

The public may comment on the rule for 45 days once it has been published in the Federal Register.

The CFPB seeks public comment on the following:

• What consumer financial product or service markets should be included in the initial rule?
• How should the financial product or service markets included in the initial rule be defined? In addition to considerations relating to how to define the relevant product markets, should all markets be national in scope, or should the CFPB consider regional or other geographic markets in certain instances? If regional or other geographic markets should be considered, describe with specificity how they could be defined.
• What specific criteria should be measured, and threshold levels set, to define a larger participant in the markets identified above, and in any other markets that should be included in an initial rule? What data should be used to assess whether the thresholds have been met?