Nonbank trade groups are calling on the Consumer Financial Protection Bureau (CFPB) to narrow the definitions it will use to determine which nonbanks will be subject to federal supervision.

The bureau has proposed to regulate large debt collection and credit reporting firms, the first two industries to be identified by CFPB for inclusion in the program. But in comment letters to the agency, industry groups complained that the bureau is skirting a requirement to examine the impact that the proposal would have on small businesses.

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