For being a new kid on the block, it looks like Consumer Financial Protection Bureau has a big job ahead.
Last week, the CFPB named six domains that would fall under its jurisdiction: debt collection; consumer reporting; consumer credit and related activities; money transmitting, check cashing and related activities; prepaid cards; and debt-relief services. The bureau also cited automobile loans and personal loans as major areas that they may observe as well, according to the Wall Street Journal.
“A senior agency official said the bureau potentially could be responsible for tens of thousands or even 100,000 firms,” reports the newspaper. “To help cull the list, the agency is considering requiring certain firms to register with the bureau to help it determine which companies should fall under its supervision.”
The bureau will not be able to regulate nonbank firms until an official director has been named, according to the Wall Street Journal. Many Republicans have promised to block any presidential nominee unless the agency is subject to increased oversight by lawmakers. However, President Obama could use a recess appointment to circumvent the need for congressional approval.
Click here to read the full Wall Street Journal article.
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