Consumer Financial Protection Bureau Seeks Public Input On Key Element Of Nonbank Supervision Program

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Notice and Request for Comment on Statutory Requirement to Define ‘Larger Participant’ in Certain Consumer Financial Markets

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today announced the release of a Notice and Request for Comment seeking public input on a key element of the agency’s nonbank supervision program — the statutory requirement to define who is a “larger participant” in certain consumer financial markets.

Last year’s Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) charged the CFPB with ensuring that both banks and nonbanks comply with Federal consumer financial laws. Historically, banks, thrifts, and credit unions have been subject to examinations by federal regulators, but other types of companies providing consumer financial services generally have not. Today, there are thousands of such companies that are not banks, and these nonbanks’ products form a significant portion of the consumer financial marketplace.

“Consumers deserve the peace of mind that financial companies — both banks and nonbanks — are following the rules,” said Elizabeth Warren, Special Advisor to the Secretary of the Treasury on the CFPB. “The CFPB will be able to examine companies that have never been subject to federal oversight to ensure that no one is gaining an unfair advantage by breaking the law. This will ultimately create fair competition, better product offerings, and more transparent markets for consumers.”

The Dodd-Frank Act authorizes the CFPB to examine all sizes of nonbank mortgage companies, payday lenders, and private education lenders. Generally, before CFPB begins its nonbank supervision program in other markets, the Act requires that the agency first define by rule who is “a larger participant of a market for other consumer financial products or services.” The CFPB must issue an initial “larger participant” rule no later than July 21, 2012 — one year after the designated transfer date.

To prepare for this eventual rulemaking, the CFPB is seeking public input through a Notice and Request for Comment, which identifies six markets for potential inclusion in an initial rule: debt collection; consumer reporting; consumer credit and related activities; money transmitting, check cashing, and related activities; prepaid cards; and debt relief services. The larger participant rule will not impose substantive consumer protection requirements. Instead, the rule will enable CFPB to begin a supervision program for larger participants in certain markets.

The general issues discussed in the Notice include:

  • What criteria to use to measure a market participant;
  • Where to set the thresholds for inclusion;
  • Whether to adopt a single test to define larger participants in all markets (measure the same criteria and use the same thresholds), or instead use tests tailored for specific markets;
  • What data are available to be used for these purposes;
  • What time period to use to measure the size of a market participant;
  • How long a participant should remain subject to supervision after initially meeting the larger participant threshold, even if subsequently falling below the threshold; and
  • What consumer financial markets to include in the initial rule.

Public comments on the questions listed in the Notice will help the CFPB develop a proposed initial rule defining large participants. The CFPB is committed to principles of open government and to maintaining a robust dialogue with stakeholders and the public. The Notice and Request for Comment is available online, and contains information about how to submit responses.

Notice and Request for Comment:

https://www.consumerfinance.gov/rules-policy/notice-opportunities-comment/archive-closed/defining-larger-participants-in-certain-consumer-financial-products-and-services-markets/

Official news published at https://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-seeks-public-input-on-key-element-of-nonbank-supervision-program/

Images courtesy of PixaBay

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Willie’s Grill & Icehouse Celebrates 30th Anniversary Reaching Philanthropic Milestone of $1.5M

THE BELOVED TEXAS ICEHOUSE WILL CELEBRATE THREE DECADES OF GIVING BACK TO LOCAL COMMUNITIES WITH SPECIALS 30 YEARS IN THE MAKING

Willie's Grill & Icehouse, the brand that brings the classic icehouse experience to communities across Texas, is celebrating its 30th anniversary this year. The brand will celebrate throughout December with a discount that harkens back to the origins of the icehouse, as well as a commitment to continue their tradition of financially supporting communities across the state.  

The restaurant, known for its family-friendly atmosphere and icehouse classics, closes out its third decade of service with more than $1.5M in monetary donations to various charities and public services within the cities where the brand operates. 

Among the philanthropic programs are the Willie’s Grill & Icehouse Spirit Nights, in which local community charities are given a portion of the proceeds from a specific day’s overall sales. Their commitment to public servants is another important piece of the brand’s mission, as seen through their community sponsorships. Throughout the year, Willie’s Grill & Icehouse offers a 10% discount to first responders, teachers, firefighters, and nurses at all locations. Local law enforcement departments are also treated to 50% off their meals throughout the year at Willie’s. During their grand opening celebrations, Willie’s Grill & Icehouse hosts VIP soft openings where they invite educators, nurses, law enforcement, and other essential workers to dine for free throughout the day. Finally, all locations offer the Fire & Icehouse Lager throughout the year and a portion of the proceeds is donated directly to local fire departments. 

All Willie’s customers are in luck throughout the month of December, as the brand is offering a Texas-sized discount on one of their original menu items. Every Monday, Tuesday, and Wednesday throughout December, Willie's will offer their original Cheese Willie Burger, the menu item that the brand was built on, for only $6.30 in honor of their milestone anniversary. The promotion, a ‘thank you’ to customers for their years of support, is valid for both in-store and online orders.

"We are thrilled to be celebrating 30 years of serving Texans our icehouse classics and welcoming families through our doors," said Greg Lippert, CEO of Willie's Restaurants. "Giving back to our communities has always been a pillar of who we are, and we look forward to continuing the tradition as the brand moves into our next era. We invite all customers to come and enjoy a delicious Cheese Willie Burger at a discounted price throughout December as a thank you from all of us at Willie’s Grill & Icehouse."

Contact Information:
Rachel Austin
Publicist
rachel@hometownsocial.net


Original Source: Willie’s Grill & Icehouse Celebrates 30th Anniversary Reaching Philanthropic Milestone of $1.5M

Willie’s Grill & Icehouse Celebrates 30th Anniversary Reaching Philanthropic Milestone of $1.5M

THE BELOVED TEXAS ICEHOUSE WILL CELEBRATE THREE DECADES OF GIVING BACK TO LOCAL COMMUNITIES WITH SPECIALS 30 YEARS IN THE MAKING

Willie's Grill & Icehouse, the brand that brings the classic icehouse experience to communities across Texas, is celebrating its 30th anniversary this year. The brand will celebrate throughout December with a discount that harkens back to the origins of the icehouse, as well as a commitment to continue their tradition of financially supporting communities across the state.  

The restaurant, known for its family-friendly atmosphere and icehouse classics, closes out its third decade of service with more than $1.5M in monetary donations to various charities and public services within the cities where the brand operates. 

Among the philanthropic programs are the Willie’s Grill & Icehouse Spirit Nights, in which local community charities are given a portion of the proceeds from a specific day’s overall sales. Their commitment to public servants is another important piece of the brand’s mission, as seen through their community sponsorships. Throughout the year, Willie’s Grill & Icehouse offers a 10% discount to first responders, teachers, firefighters, and nurses at all locations. Local law enforcement departments are also treated to 50% off their meals throughout the year at Willie’s. During their grand opening celebrations, Willie’s Grill & Icehouse hosts VIP soft openings where they invite educators, nurses, law enforcement, and other essential workers to dine for free throughout the day. Finally, all locations offer the Fire & Icehouse Lager throughout the year and a portion of the proceeds is donated directly to local fire departments. 

All Willie’s customers are in luck throughout the month of December, as the brand is offering a Texas-sized discount on one of their original menu items. Every Monday, Tuesday, and Wednesday throughout December, Willie's will offer their original Cheese Willie Burger, the menu item that the brand was built on, for only $6.30 in honor of their milestone anniversary. The promotion, a ‘thank you’ to customers for their years of support, is valid for both in-store and online orders.

"We are thrilled to be celebrating 30 years of serving Texans our icehouse classics and welcoming families through our doors," said Greg Lippert, CEO of Willie's Restaurants. "Giving back to our communities has always been a pillar of who we are, and we look forward to continuing the tradition as the brand moves into our next era. We invite all customers to come and enjoy a delicious Cheese Willie Burger at a discounted price throughout December as a thank you from all of us at Willie’s Grill & Icehouse."

Contact Information:
Rachel Austin
Publicist
rachel@hometownsocial.net


Original Source: Willie’s Grill & Icehouse Celebrates 30th Anniversary Reaching Philanthropic Milestone of $1.5M
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