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Empire Justice Center & Other NYRL Members Want Consumer Bureau to Broadly Define Who They Regulate in Certain Markets

May 24, 2012


The thirty-two undersigned members of New Yorkers for Responsible Lending (NYRL) are pleased to submit comments to the Consumer Financial Protection Bureau regarding its proposed rule for defining “larger participants” in the consumer debt collection and consumer reporting markets that will be subject to Bureau supervision.

Our groups urge the CFPB to define larger participants as broadly and as flexibly as possible, to ensure that the Bureau has maximum ability to directly supervise a wide array of institutions. A flexible standard is critical to allow the CFPB to effectively respond to ever-changing markets, business models and practices that harm consumers and communities.

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