CFPB Issues Latest Supervisory Report

On June 23, the Consumer Financial Protection Bureau issued the eighth edition of its "Supervisory Highlights," which covered supervisory activities the Bureau completed between January and April 2015.

The CFPB oversees depository institutions and credit unions with total assets of more than $10 billion, as well as their affiliates.  Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, 12 U.S.C. §§ 5301 et seq., the Bureau also has supervisory authority over nonbanks – regardless of size – in the following markets: mortgage companies, pay day lenders, and private education leaders

The CFPB also has discretion to define its supervisory authority over "larger participants" in other discrete nonbank markets.  So far, the Bureau has extended its authority into the following markets: consumer reporting, consumer debt collection, student loan servicing, international money transfers, and the nonbank automobile market.