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Volume 25 - Number 11

May 26, 2014

Bureau to Extend its Reach With More ‘Larger Participant’ Rules

Providers of consumer financial services products, be forewarned: If the CFPB has not gotten around to regulating you yet, donít rest too easy. It definitely plans to do so. The latest edition of the CFPBís Supervisory Highlights report indicated larger indirect nonbank auto lenders are next on its to-do list. But if past is prologue, the odds are strong that sector wonít be the last to feel the bureauís expanding scrutiny. As per the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB has authority to supervise certain nonbanks, including mortgage companies, private student lenders, and payday lenders, as well as nonbanks the bureau defines through rulemaking as ďlarger participants.Ē To date, the agency has issued rules to supervise...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.