The Bureau is proposing to amend Regulation Z, which implements the Truth in Lending Act, generally to address the sunset of LIBOR, expected to be discontinued after 2021.
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In accordance with the Paperwork Reduction Act of 1995 (PRA), the Bureau of Consumer Financial Protection (Bureau) is proposing a new information collection titled, “Student Loan Servicing Market Monitoring.”
The CFPB is seeking comments from the public related to consumer decision-making when repaying student loans, including the presentation of information about alternative repayment options.
The Bureau of Consumer Financial Protection (“CFPB”), created by the Consumer Financial Protection Act of 2010 (“Act”), is required to implement a program to supervise certain nondepository covered persons for compliance with Federal consumer financial laws. The scope of supervision coverage varies for different product markets. Section 1024 of the Act provides that the CFPB may supervise covered persons in the residential mortgage, private education lending, and payday lending markets. For other markets for consumer financial products or services, the supervision program generally will apply only to a “larger participant” of these markets, as defined by rule. The CFPB is required to issue an initial “larger participant” rule not later than July 21, 2012, one year after the designated transfer date.