At ACA International’s Annual Convention & Expo today, the CFPB’s Assistant Director of Nonbank Supervision, Peggy Twohig, told attendees that her agency is pushing back a decision on the definition of a “large market participant” for the debt collection industry.
Large market participants would be subject to direct supervision under a CFPB proposal announced in February. At issue is the revenue threshold for “large” collection agencies. The CFPB wants the limit to be $10 million in collection revenue, which would impact some 175 companies. ACA and other industry groups argue that the limit should be much higher.
According to the latest word from the CFPB, a decision was expected either Friday or next Monday. Twohig indicated that it may be fall until the definition is formalized. Much more on this as it develops.
And how did we know about this? Twitter. Everyone here at insideARM.com uses it, even the boss: