This part sets forth procedures to implement section 1024(a)(1)(C) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5514(a)(1)(C)) and establishes rules to facilitate the Bureau's supervisory authority over certain nonbank covered persons pursuant to section 1024(b)(7) of the Act (12 U.S.C. 5514(b)(7)).

For the purposes of this part, the following definitions apply:

Bureau, consumer, consumer financial product or service, and covered person have the definitions in 12 U.S.C. 5481.

Decisional employee means an employee of the Bureau who has not engaged in assisting the initiating official in either determining whether to issue a Notice of Reasonable Cause, or presenting the initiating official's position in support of a Notice of Reasonable Cause, either in writing or in a supplemental oral response, to the Director.

Director means the Director of the Bureau or his or her designee. If there is no Director, the term means a person authorized to perform the functions of the Director under this part, or his or her designee. For purposes of when the Director receives, files, or serves documents, the Director includes an employee acting on behalf of the Director.

Initiating official means the Supervision Director or another Bureau employee designated by the Director. For purposes of receiving, filing, and serving documents or participating in a supplemental oral response, the initiating official includes an employee acting on behalf of the initiating official.

Nonbank covered person means a covered person, except for persons described in 12 U.S.C. 5515(a) and 5516(a).

Notice of Reasonable Cause and Notice mean a Notice issued under § 1091.202.

Person has the definition in 12 U.S.C. 5481.

Respondent means a person who has been issued a Notice of Reasonable Cause under § 1091.202 or who has entered into a consent agreement under § 1091.201.

State has the definition in 12 U.S.C. 5481.