The Bureau of Consumer Financial Protection (“CFPB”) requested comment with respect to the CFPB’s authority to establish a supervisory program for nonbanks covered by the Dodd-Frank Act. Specifically, the Act provides the CFPB with the ability to supervise “any covered person who . . . is a larger participant of a market [sector] for other consumer financial products or services,” and to issue a final rule determining when a covered person is a larger participant of a market sector. The CFPB asked for comment on how to define markets, how to determine who is a larger participant in that market, and what data the CFPB should use. Comments were due on August 15. Following the CFPB’s review of comments, the CFPB is expected to issue a proposal specifically defining the criteria for determining who is a larger participant.