The long-anticipated “Larger Participant” rule that expands CFPB supervisory oversight to nonbank lenders, including auto manufacturer captive lenders, hit the Federal Register this past Wednesday, officially opening the sixty-day comment period. The new rule is available for public inspection at the Federal Register’s website now.
During sessions and conversations at AFS 2014 this week, legal experts encouraged industry players to take advantage of the comment period, saying “Now is the time,” for constructive critiques or suggestions in how to best implement the rule’s expansion. Lenders should not be afraid to comment — quite the contrary. “Commenting helps the Bureau learn,” the lawyers said.
