Chairman Frank has announced his offer to the Senate on CFPA/CFPB:
Recede to Senate on provisions relating to the structure of the Consumer Financial Protection Bureau (Bureau).
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Add new provision to subject pay day lenders, money remitters, check cashers and private student loan providers to supervision by the Bureau (Senate Bill ยง 1024, page 1425, line 7).
Remember, this list is an offer. The Senate may make a counter-offer. We’ll know in the next three days.
Any word of how likely this provision is to make it into the bill?
I was under the impression that Payday lenders were going to be regulated by the CFPA all along…is this new and/or bad?
It’s status quo. Yes, the industry is going to be regulated by the new consumer agency, but like a lot of industries, we preferred the Senate version of a bureau housed at the federal reserve. so this is a tiny victory.
nothing’s final until this section of the bill is over. we will know tonight.
Thanks! Did we ever hear if this provision made it into the bill?
Yes, this provision is in the bill. We’ll be regulated by the CFPB.