The Consumer Financial Protection Bureau released a draft rule May 24 outlining how it plans to supervise debt collectors, consumer reporting agencies, money services companies and other small nonbanks that engage in “activities that pose risks to consumers.”
The draft rule sets out procedures to notify a nonbank that it is being considered for supervision and outlines how the nonbank can respond. Companies under CFPB supervision may be required to submit reports to the agency and undergo examinations.
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