CFPB to start supervising non-bank firms, Cordray says

Richard Cordray, the newly appointed director of the Consumer Financial Protection Bureau, has announced the agency will start overseeing payday lenders, student-loan firms and mortgage servicers. Cordray said the CFPB will start supervising non-bank firms "that often compete with banks but have largely escaped meaningful federal oversight." He said the oversight will help create "a fairer, more transparent market." CBA President Richard Hunt said, "That's going to be a tough task to regulate non-banks because there are over 70,000 of them; it's tough enough to regulate 7,000 banks." He added, "We don't know if that's just a one-week spin or if that is going to be reality, that they are going to try to level the playing field."

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