News release: “The Dodd-Frank Act, signed into law last year, gives the CFPB the job of supervising large banks, as well as some other types of financial companies, for compliance with federal consumer financial protection laws. While banks, thrifts, and credit unions have been subject to examinations by various federal regulators in the past, other types of companies providing consumer financial products and services have not. One of the goals of the new law is to better protect consumers by expanding this type of supervision to nonbank companies. The examination of nonbank companies will be a crucial piece of the CFPB’s work. For the first time, many of these nonbank financial companies will be subject to federal oversight. Under the new law, our nonbank supervision program will be able to look at companies of all sizes in the mortgage, payday lending, and private student lending markets. But for all other markets—like consumer installment loans, money transmitting, and debt collection—the CFPB generally can supervise only larger participants. Before we can do that, however, we need to define through a rule, no later than July 21, 2012, who is a “larger participant” in these markets.” We would like your input on how we should define a “larger participant” in this rule. In order to collect your input, we have published a Notice and Request for Comment (Notice). Public comments on the questions listed in the Notice will help the CFPB formulate a rule that helps the CFPB make the best use of its resources to protect American consumers.”