This section of the FEDERAL REGISTER

contains notices to the public of the proposed

issuance of rules and regulations. The

purpose of these notices is to give interested

persons an opportunity to participate in the

rule making prior to the adoption of the final

rules.

Proposed Rules Federal Register

38059 

Vol. 76, No. 125 

Wednesday, June 29, 2011 

1The Act is Title X of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act of 2010. 

2See Act § 1002(14) (defining ‘‘Federal consumer 

financial law’’). 

3 Id. § 1021(b)(4). 4See id. § 1002(6) (a ‘‘covered person’’ means 

‘‘(A) any person that engages in offering or 

providing a consumer financial product or service; 

and (B) any affiliate of a person described [in (A)] 

if such affiliate acts as a service provider to such 

person.’’). A ‘‘service provider’’ is a person that 

provides a material service to a covered person in 

connection with the offering or provision of a 

consumer financial product or service. Id. 

§ 1002(26). Service providers also may be subject to 

CFPB supervision. See, e.g., id. § 1024(e). Under the 

Act, ‘‘person’’ means ‘‘an individual, partnership, 

company, corporation, association (incorporated or 

unincorporated), trust, estate, cooperative 

organization, or other entity.’’ Id. § 1002(19). 

5 Id.§ 1024(b)(1). 

6 Id. §§ 1022(c)(7) and 1024(b)(7). 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Chapter X 

[Docket No. CFPB–HQ–2011–2] 

Defining Larger Participants in Certain 

Consumer Financial Products and 

Services Markets 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Notice and Request for 

Comment. 

SUMMARY: 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. 

This notice and request for comment 

(‘‘Notice’’) seeks public comment on the 

development of such a rule. After 

considering any comments on this 

Notice and other relevant information, 

the CFPB will draft and publish a 

proposed rule for public comment. 

DATES: Comments must be received by 

August 15, 2011. 

ADDRESSES: Interested parties are 

invited to submit written comments 

electronically or in paper form. Because 

paper mail in the Washington, DC area 

and at the CFPB is subject to delay, 

commenters are encouraged to submit 

comments electronically. Comments 

should refer to ‘‘CFPB Docket No. 

CFPB–HQ–2011–2.’’ Comments should 

be submitted to: 

• Web site: http:// 

www.regulations.gov. 

• Mail: Nondepository Supervision, 

Consumer Financial Protection Bureau, 

1801 L Street, NW., Room 513–H, 

Washington, DC 20036. 

• Hand Delivery/Courier in Lieu of 

Mail: Department of the Treasury, 1500 

Pennsylvania Avenue, NW., Consumer 

Financial Protection Bureau, 

Washington, DC 20220. 

You may view copies of this Notice 

and any comments we receive at http:// 

www.regulations.gov within CFPB 

Docket No. CFPB–HQ–2011–2. The 

CFPB will make such comments 

available for public inspection and 

copying in Department of the Treasury’s 

Library, Room 1428, Main Treasury 

Building, 1500 Pennsylvania Avenue, 

NW., Washington, DC 20220, on official 

business days between the hours of 10 

a.m. and 5 p.m. Eastern Time. You can 

make an appointment to inspect 

comments by telephoning (202) 622– 

0990. 

All comments, including attachments 

and other supporting materials, will 

become part of the public record and 

subject to public disclosure. You should 

submit only information that you wish 

to make available publicly. Do not 

include sensitive personal information, 

such as account numbers or social 

security numbers. Your comments will 

not be edited to remove any identifying 

or contact information. 

FOR FURTHER INFORMATION CONTACT: 

Nicholas Krafft, Research Analyst, (202) 

435–7252, Nondepository Supervision, 

Consumer Financial Protection Bureau, 

1801 L Street, NW., Room 513–H, 

Washington, DC 20036. 

SUPPLEMENTARY INFORMATION: 

I. Background: The CFPB’s 

Nondepository Supervision Program 

On July 21, 2010, the Consumer 

Financial Protection Act of 2010 

(‘‘Act’’) 1 established the Bureau of 

Consumer Financial Protection 

(‘‘CFPB’’). One of the CFPB’s specific 

objectives under the Act is to ensure 

that Federal consumer financial law 2 is 

‘‘enforced consistently, without regard 

to the status of a person as a depository 

institution, in order to promote fair 

competition.’’ 3 One of the ways the Act 

accomplishes this objective is by giving 

the CFPB authority to supervise not 

only certain banks, thrifts, and credit 

unions (‘‘depository institutions’’), and 

their affiliates, but also certain other 

entities that provide consumer financial 

products or services (‘‘nondepository 

covered persons’’).4

The CFPB is required under Section 

1024 of the Act to implement a riskbased supervision program for certain 

nondepository covered persons. The 

purposes of this supervision program 

are to: (1) Assess nondepository covered 

persons for compliance with Federal 

consumer financial law; (2) obtain 

information about such persons’ 

activities and compliance systems or 

procedures; and (3) detect and assess 

risks to consumers and to the consumer 

financial markets.5 In implementing this 

supervision program, the CFPB may, 

among other things, require submission 

of reports and conduct onsite 

examinations of a covered person to 

assess the covered person’s compliance 

with Federal consumer financial law 

and achieve the other purposes 

described above. The CFPB also has the 

authority to require, by rule, registration 

of certain covered persons. Such 

registration could help support the 

implementation of the supervision 

program.6

The scope of coverage of this 

supervision program under Section 

1024 varies by consumer financial 

product or service market. Section 1024 

specifically grants the CFPB authority to 

supervise, regardless of size, covered 

persons that offer or provide to 

consumers the following enumerated 

consumer financial products or services: 

(1) Origination, brokerage, or servicing 

of residential mortgage loans secured by 


srobinson on DSK4SPTVN1PROD with PROPOSALS
38060 Federal Register / Vol. 76, No. 125 / Wednesday, June 29, 2011 / Proposed Rules 

7 Id. § 1024(a)(1)(A), (D), and (E). 8 Id. §§ 1024(a)(1)(B) and 1024(a)(2). The CFPB 

also has the authority to supervise any covered 

person that it ‘‘has reasonable cause to determine, 

by order, after notice and a reasonable opportunity 

* * * to respond’’ that such covered person ‘‘is 

engaging, or has engaged, in conduct that poses 

risks to consumers with regard to the offering or 

provision of consumer financial products or 

services.’’ Id. § 1024(a)(1)(C). 

9 Id. § 1024(a)(2). The CFPB must consult with the 

Federal Trade Commission prior to issuing a rule. 10 Id. § 1024(a)(1)(A), (D), and (E). 11 Id.§ 1024(b)(2). 12See id. § 1002(5) (defining ‘‘consumer financial 

product or service’’) and § 1002(15) (defining 

‘‘financial product or service’’). 

13 Id. § 1024(b)(2). 

14Section 1066 of the Act grants the Secretary of 

the Treasury interim authority to perform certain 

functions of the CFPB. Pursuant to that authority, 

Treasury publishes this Notice on behalf of the 

CFPB. 

15 Id. § 1024(a)(1)(B). 16 Id. § 1024(a)(3)(B). 

real estate, and related mortgage loan 

modification or foreclosure relief 

services; (2) private education loans; 

and (3) payday loans.7 By contrast, for 

all other markets, the CFPB’s 

nondepository supervisory authority 

generally applies only to any covered 

person that is ‘‘a larger participant of a 

market for other consumer financial 

products or services,’’ as defined by rule 

by the CFPB.8 The CFPB’s initial larger 

participant rule must be issued not later 

than one year after the designated 

transfer date.9

Once it has the requisite authority, the 

CFPB may immediately begin its 

nondepository supervision program in 

the mortgage, payday lending, and 

private education lending markets,10

including through examinations of 

covered persons in these markets, based 

on the CFPB’s assessment of relevant 

risks. The CFPB will also propose a rule 

to define a ‘‘larger participant’’ of other 

markets for consumer financial products 

or services. The ‘‘larger participant’’ rule 

will not impose new substantive 

consumer protection requirements on 

any nondepository entity, but rather 

will provide to the CFPB the authority 

to supervise larger participants in 

certain markets—including by requiring 

reports and conducting examinations— 

to ensure, among other things, that they 

are complying with existing Federal 

consumer financial law. However, a 

covered person will remain subject to 

any Federal consumer financial law 

applicable to its activities regardless of 

whether such covered person is subject 

to the CFPB’s supervisory authority. 

Once the scope of the nondepository 

supervision program is established, the 

Act requires that the operation of the 

program be based on an assessment by 

the CFPB of the ‘‘risks posed to 

consumers in the relevant product 

markets and geographic markets.’’ 11

The factors to be considered in making 

this assessment include asset size, 

volume of transactions involving 

consumer financial products or 

services,12 risks to consumers, the 

extent to which institutions are subject 

to state supervision, and any other 

factor that the CFPB determines to be 

relevant.13

Through this notice and request for 

comment (‘‘Notice’’), the CFPB seeks 

public comment on the issues presented 

in drafting that proposed rule.14 While 

this Notice presents a number of 

particular questions for comment, the 

CFPB invites public comment on all 

issues relevant to the development of 

this proposal. 

II. Issues in Developing a Larger 

Participant Rule 

There are a number of issues that arise 

in connection with determining how to 

identify a larger participant in a market, 

including both broad issues that cut 

across markets and specific issues 

relating to particular markets that may 

be covered by an initial rule. The CFPB 

is also considering which markets to 

include in an initial rule. Markets 

identified in this Notice for possible 

inclusion are: debt collection, consumer 

reporting, consumer credit and related 

activities, money transmitting, check 

cashing and related activities, prepaid 

cards, and debt relief services. 

These issues and related questions are 

discussed below. 

A. Criteria and Thresholds To Define a 

Larger Participant 

In considering how to define which 

nondepository covered persons are 

larger participants in a particular 

market, a number of approaches are 

available. Determining the appropriate 

criteria and thresholds to be used 

should be approached in light of the 

applicable statutory language, which 

refers to a ‘‘larger participant’’ of a 

market.15 This statutory language is not 

limited only to the ‘‘largest’’ 

participants in each market, but at the 

same time does not encompass smaller 

market participants. 

In determining the criteria to measure 

the size of market participants, the 

CFPB should consider criteria that will 

allow it to administer the program 

efficiently by readily identifying larger 

participants based on objective available 

data. Whatever the criteria used, the Act 

provides that, for purposes of 

computing the activity levels of a 

market participant, the activities of the 

participant ‘‘shall be aggregated’’ with 

the activities of nondepository 

‘‘affiliated companies.’’ 16 Examples of 

potential criteria that could be used to 

define larger participants of a market 

include one or a combination of the 

following: annual number of 

transactions in the market; annual value 

of transactions (e.g., total loan volume); 

annual receipts or revenue; geographic 

coverage (e.g., number of states where 

engaged in business); asset size; and 

outstanding loan balances. 

The thresholds used to define a larger 

participant under the criteria used could 

be based on an absolute approach (e.g., 

a covered person with an annual loan 

volume of $X is a larger participant), or 

it could be based on a relative approach 

(e.g., every market participant having an 

annual loan volume of a certain amount 

relative to other participants). These 

approaches are not necessarily 

exclusive: multiple criteria (each with 

its own threshold) could be used in 

identifying larger participants. 

A related issue is whether the CFPB 

should tailor the criteria and thresholds 

to each market, given the significant 

differences among various markets. For 

example, a larger participant in a market 

for consumer credit might be defined 

using criteria and thresholds different 

from those used in the market for 

consumer debt collection. Alternatively, 

the initial rule might be structured 

around a single set of criteria and 

thresholds applicable across all markets. 

The CFPB seeks public comment on 

the following: 

• Should a larger participant be 

defined based on the relative size of the 

participants within a market (e.g., 

whether the number of annual 

transactions of the market participants 

is above the mean or median) or, 

alternatively, should a larger participant 

be defined based on an absolute 

threshold, such as doing business in a 

specified number of states? 

• Should more than one criterion be 

used to determine the size of a market 

participant, such as the number of 

annual transactions and/or the number 

of states in which the participant 

conducts business? 

• Should the same criteria and 

thresholds be used to define a larger 

participant for every market, or should 

different criteria and thresholds be 

tailored for each market based on the 

market’s characteristics? 

B. Data To Be Used in Measuring 

Criteria 

Whatever criteria are selected for a 

particular market, the CFPB must be 

able to measure the criteria as they 

relate to specific market participants. 


srobinson on DSK4SPTVN1PROD with PROPOSALS
Federal Register / Vol. 76, No. 125 / Wednesday, June 29, 2011 / Proposed Rules 38061 

17See id. §§ 1022(c)(7) and 1024(b)(7). 

18The number of covered persons that may be 

subject to these registration requirements may be 

larger than the number that will be subject to CFPB 

supervision under section 1024(a)(1). 

19The participants in markets discussed in this 

Notice may be subject to any number of Federal 

consumer financial laws depending on their 

specific activities that they are engaged in. 

Examples of such laws include the Truth in 

Lending Act, the Fair Debt Collection Practices Act, 

the Equal Credit Opportunity Act, and the Fair 

Credit Reporting Act, and, more broadly, the 

relevant portions of the Consumer Financial 

Protection Act. See Act § 1002(14) (defining 

‘‘Federal consumer financial law’’). 

20Federal Reserve Bank of New York, Quarterly 

Report on Household Debt and Credit (February 

2011). 

21ANSI–BBB, Identity Theft Prevention and 

Identity Management Standards (2008). 

22Mortgage originators, brokers, and servicers, 

payday lenders, and private education lenders are 

specifically enumerated in Section 1024(a) as 

subject to the CFPB’s supervisory authority. 

Accordingly, whether covered persons engaged in 

those activities are subject to CFPB supervision 

would not depend upon the content of a larger 

participant rule. See Act at § 1024(a)(1)(A), (D), and 

(E). 

For example, if the criteria selected to 

define a larger participant includes the 

number of states in which a market 

participant conducts business, the CFPB 

will need access to data establishing 

which covered persons meet the 

specified threshold for that criterion. 

The data that could be used in 

connection with an initial rule might 

include: (1) Public data, including from 

sources such as the Securities and 

Exchange Commission’s online EDGAR 

database, and state and federal licensing 

and registration records; (2) nonpublic 

state or federal supervisory or other 

data; (3) commercial data, such as 

proprietary industry market analyses; 

and (4) data obtained directly from 

market participants. 

The CFPB is considering the 

establishment of a registration program 

for certain covered persons through a 

future rulemaking.17 If such a 

registration program is established, the 

CFPB may receive relevant information 

from covered persons subject to that 

program that would supplement 

existing data used to measure market 

participants.18 This additional data 

could be useful in determining which 

covered persons meet the applicable 

thresholds. 

The CFPB seeks public comment on 

the following: 

• For each market, what reliable data 

sources are available and would be 

suitable for the CFPB to use in its larger 

participant determinations? 

• What data should the CFPB collect 

through a registration process to use in 

its larger participant determinations? 

C. Measurement Dates and Supervision 

Timeframes 

In measuring the size of market 

participants, an initial rule might 

require the CFPB to determine whether 

a covered person is a larger participant 

by measuring applicable criteria for the 

immediately preceding calendar year or 

years, or at one or more points in time. 

For example, if the annual number of 

transactions is used, coverage could be 

determined by evaluating the market 

participant’s annual transactions for the 

previous calendar year or years. An 

initial rule would also need to consider 

how to treat certain significant events 

relevant to ‘‘larger participant’’ 

determinations, such as the merger of 

market participants. 

A related issue is how long a market 

participant should be subject to 

supervision once it has met the 

thresholds for being a larger participant. 

For example, if a market participant 

meets the larger participant threshold in 

one year, for how long should it be 

subject to CFPB supervision if in the 

subsequent year its size falls below the 

applicable threshold? One consideration 

relevant to these issues is whether the 

period should be long enough to permit 

the CFPB to conduct a subsequent 

examination if an initial examination 

found violations of law or otherwise 

raised compliance concerns. 

The CFPB seeks public comment on 

the following: 

• In evaluating a market participant’s 

size, should the CFPB measure the size 

of a market participant based on the 

relevant criteria for the previous one 

year, two years, or more—or at one or 

more than one points in time? Should 

a market participant be a larger 

participant if it meets the applicable 

threshold in any one of a specified 

number of prior years, or only if it meets 

the threshold in the most recent period? 

• What factors should the CFPB 

consider in connection with the 

treatment of events such as the merger 

of market participants during an 

assessment time period? 

• Are there alternative approaches for 

establishing an assessment time period 

that the CFPB should consider? 

• For what length of time should a 

market participant be subject to 

supervision once it meets the applicable 

threshold? How should subsequent 

changes in the participant’s size be 

treated? 

III. Consideration of Markets To 

Include in the Initial Rule 

A variety of consumer financial 

products and services offered by 

nondepository covered persons could be 

subject to the CFPB’s supervision 

program under a larger participant rule. 

The CFPB is interested in public 

comment regarding which markets for 

consumer financial products and 

services should be addressed in an 

initial rule. Specifically, the CFPB 

solicits comment on whether the 

categories discussed below should be 

covered in the initial rule, whether each 

particular category consists of a single 

market or multiple markets, and 

whether other markets also should be 

addressed.19 Although the CFPB 

anticipates including certain specified 

markets in an initial rule, additional 

markets may be added through 

subsequent rulemakings. 

A. Debt Collection 

With regard to the collection of debt 

related to consumer financial products 

or services, market participants may 

collect on behalf of another entity that 

owns the debt, or collect on their own 

behalf after purchasing the debt from a 

creditor or other holder of the debt. The 

debt collection market affects a large 

number of consumers. About 30 million 

individuals, or 14% of consumers, now 

have debt that is subject to the 

collections process, and the average 

debt those consumers have under 

collection is approximately $1,400.20

B. Consumer Reporting 

A range of actors engage in consumer 

reporting-related activities. A handful of 

large credit bureaus compile and 

maintain data and provide credit reports 

on individual consumers. The reports 

include credit history and other creditrelated information furnished to the 

credit bureaus by certain creditors and 

other entities. Additional market 

participants resell information compiled 

by the large credit bureaus, or operate as 

specialty consumer reporting agencies 

that offer such services as verifying 

consumer check writing history to 

facilitate the acceptance of consumers’ 

personal checks by retailers. The 

consumer reporting market is of 

fundamental importance to the market 

for consumer credit. The Consumer Data 

Industry Association estimates that 

there are over 54 billion updates to 

consumer reports, and 3 billion reports 

issued, each year. In addition, each of 

the large credit bureaus maintains credit 

files on over 200 million consumers.21

C. Consumer Credit and Related 

Activities 

There are a variety of activities 

relating to consumer credit that might 

be covered in an initial rule.22 Market 

participants include finance companies, 

consumer lenders, and loan servicers 


srobinson on DSK4SPTVN1PROD with PROPOSALS
38062 Federal Register / Vol. 76, No. 125 / Wednesday, June 29, 2011 / Proposed Rules 

23 IBIS World Industry Report. Auto Leasing, 

Loans and Sales Financing in the U.S. (2009). 

24See Act § 1029 (dealership exclusion); id. 

§ 1027(a) (merchant and retailer exception). 

25 KPMG, 2005 Money Services Business Industry 

Survey Study (2005). 

26An open-loop card usually carries the logo of 

a major payment network, such as American 

Express, Discover, MasterCard, or Visa, and can be 

used wherever those cards are accepted. 

27A closed-loop card usually can be used only at 

one store, chain of stores, or group of stores (such 

as stores in a shopping mall). See Act § 1002(28)(B) 

(setting forth exclusion for certain closed-loop 

cards). 

28Electronic benefits transfer cards are made 

available by the Federal government and by state 

and local governments to allow individuals to 

access government benefits such as Social Security 

or unemployment compensation. 

29Payroll cards are made available by employers 

to employees to access their salaries. 

30Act § 1002(5) and (15)(A)(v)(I) and (II). 

31Federal Reserve Board, Noncash Payment 

Trends in the United States: 2006–2009 (Apr. 2011). 

32Federal Deposit Insurance Corporation, 

National Survey of Unbanked and Underbanked 

Households (Dec. 2009). 

33Principally, these providers offer to reduce 

consumers’ credit card debt, but some providers 

offer to reduce medical or tax debt. Not included 

in the debt relief market are providers of debt relief 

services that relate to mortgage debt, commonly 

referred to as mortgage loan modification or 

foreclosure relief services. Section 1024(a)(1)(A) 

and (b) of the Act gives the CFPB authority to 

supervise those providers without regard to size. 

34See generally, Federal Trade Commission, 

Telemarketing Sales Rule: Final Rule (debt relief 

services amendments), 75 FR. 48458 (Aug. 10, 

2010). 35 Id. 

and brokers. Relevant products include, 

for example, secured credit such as 

automobile loans, and unsecured 

consumer installment loans. Revenues 

in auto lending and financing, and other 

sales financing, total $60 billion 

annually.23 The CFPB’s authority 

relating to consumer credit providers is 

subject to important exceptions in the 

Act, including exceptions relating to 

vehicle dealerships and retailers and 

merchants.24 The CFPB will need to 

consider carefully how the respective 

consumer credit-related product and 

service markets should be defined. 

D. Money Transmitting, Check Cashing, 

and Related Activities 

Money transmitting generally 

involves the receipt of funds by a 

transmitter that then sends the funds via 

wire transfer, ACH transfer, or other 

means to a recipient in another location 

on behalf of a consumer, for a fee. The 

check cashing business generally 

involves the cashing of consumer 

checks by retail establishments for a fee. 

The sale of money orders and related 

items provides products consumers can 

use to pay bills or conduct other 

financial transactions. Typically, 

businesses engaged in the foregoing 

activities offer a menu of several of 

these products and services to 

consumers. 

Money transmitting is a significant 

industry. Total transaction volume for 

money transmission was approximately 

$72 billion in 2005, with $40 billion of 

that amount transmitted 

internationally.25 The CFPB will need to 

consider whether to include money 

transmitting alone, or money 

transmitting and related consumer 

financial products and services such as 

check cashing, as a market or markets to 

be covered in an initial rule. If multiple 

products are included, the CFPB will 

need to consider carefully how the 

respective product and service markets 

should be defined. 

E. Prepaid Cards 

A prepaid card product is one in 

which funds are paid into an individual 

or pooled account by, or on behalf of, 

a consumer and can be accessed by the 

consumer via a card (and in some cases, 

by alternative means). Prepaid card 

products include general purpose 

reloadable open-loop payment cards,26

non-reloadable open loop payment 

cards, closed-loop gift or store cards,27

electronic benefits transfer cards,28 and 

payroll cards.29 Multiple parties may be 

involved in offering or providing a 

prepaid card product. However, under 

the Act, the definition of ‘‘consumer 

financial product or service’’ would not 

include the sale or reloading of prepaid 

cards by persons that do not exercise 

‘‘substantial control’’ over the terms or 

conditions of the stored value provided 

to the consumer.30

Prepaid card products affect a large 

number of consumers. Over $140 billion 

dollars in transactions were made with 

reloadable open-loop prepaid cards in 

2009.31 Over 11 million households 

have used these cards.32 The CFPB will 

need to consider carefully whether to 

cover all or only certain types of prepaid 

card products in an initial rule, and, for 

those included, how to define the 

relevant market or markets. 

F. Debt Relief Services 

Debt relief services refer to consumer 

financial products and services offered 

to reduce a consumer’s debt.33 Providers 

generally offer one of two products or 

services.34 Providers of ‘‘debt 

management plans,’’ typically nonprofit credit counseling agencies, work 

with creditors to develop repayment 

plans for consumers. These plans 

typically permit a consumer to repay the 

full credit balance owed under 

renegotiated terms, such as substantially 

reduced interest rates and fees. For 

consumers who are unable to repay the 

full balance owed, ‘‘debt settlement’’ 

entities offer to negotiate with a 

consumer’s creditors to enable the 

consumer to make a lump-sum payment 

of less than the entire balance owed to 

the creditor, thereby settling the debt 

obligation. Statistics on the size of these 

industries, as well as the size of other 

debt relief services, are not readily 

available.35 The CFPB will need to 

consider carefully how to define any 

debt relief provider market or markets 

included in an initial rule. 

The CFPB seeks public comment on 

the following: 

• What consumer financial product or 

service markets should be included in 

the initial rule? 

• How should the financial product 

or service markets included in the 

initial rule be defined? In addition to 

considerations relating to how to define 

the relevant product markets, should all 

markets be national in scope, or should 

the CFPB consider regional or other 

geographic markets in certain instances? 

If regional or other geographic markets 

should be considered, describe with 

specificity how they could be defined. 

• What specific criteria should be 

measured, and threshold levels set, to 

define a larger participant in the 

markets identified above, and in any 

other markets that should be included 

in an initial rule? What data should be 

used to assess whether the thresholds 

have been met? 

Dated: June 21, 2011. 

Alastair Fitzpayne, 

Executive Secretary, U.S. Department of the 

Treasury. 

[FR Doc. 2011–15984 Filed 6–28–11; 8:45 am] 

BILLING CODE 4810–25–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2011–0646; Directorate 

Identifier 2010–NM–224–AD] 

RIN 2120–AA64 

Airworthiness Directives; Gulfstream 

Aerospace LP Model Galaxy and 

Gulfstream 200 Airplanes 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of proposed rulemaking 

(NPRM). 

SUMMARY: We propose to adopt a new 

airworthiness directive (AD) for the 

products listed above. This proposed 


srobinson on DSK4SPTVN1PROD with PROPOSALS