The Consumer Financial Protection Bureau (CFPB) has issued a final rule to implement its authority under section 1024 of Dodd-Frank to subject “larger participants” in the consumer reporting market to CFPB supervision. The rule will have significant consequences for companies in the consumer reporting industry. The final rule follows a proposed rule issued in February 2012 indicating that the CFPB intended to supervise the consumer reporting market as part of the CFPB’s authority to supervise nonbank providers of consumer financial products and services. The final rule is effective September 30, 2012.
The final rule defines a “larger participant” in the consumer reporting market as a nonbank covered person that offers or provides consumer reporting and has annual receipts from consumer reporting in excess of $7 million.
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