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How we keep you safe in the consumer financial marketplace

The CFPB works to create a level playing field in financial markets and to help ensure fairness for consumers. Our SEFL division helps ensure compliance with federal consumer financial laws by supervising market participants and bringing enforcement actions when appropriate. 

Published Category: Policy & Compliance

Fall 2015 rulemaking agenda

An important part of the CFPB’s mandate from Congress is to make rules governing consumer finance markets more effective and to create new rules when warranted. Today, we’re posting a semiannual update of our rulemaking agenda as part of the federal government’s Unified Agenda of Regulatory and Deregulatory Actions.

Published Category: Policy & Compliance

Our proposed rule on student loan servicers

In case you missed it, yesterday Director Cordray announced our proposed rule on student loan servicers. As so many families are all too aware, the cost of higher education has been steadily rising in recent years. As a result of these rising costs, more consumers need loans in order to afford college. By the end […]

So how many consumer reporting companies are there?

You may know about the three biggest nationwide credit reporting companies: Experian, Equifax, and TransUnion. But did you know that there are other companies out there that may be providing reports on you that could be used to decide if you’re eligible for consumer financial, insurance, medical and other products? Today the CFPB is posting […]

Published Category: Policy & Compliance

The CFPB launches its nonbank supervision program

A Beginning Today marks an important step forward for the CFPB as we work to protect consumers. Going forward, the CFPB will expand its bank supervision program (which began last July) to nonbanks, ensuring that banks and nonbanks play by the same rules. Before we get ahead of ourselves, it makes sense to remember what […]

Published Category: Policy & Compliance

Reaching out for Input: Help Us Define “Larger Participants.”

Today and tomorrow, we will be meeting with nearly 100 organizations from across the country to hear their views about an important building block for our nonbank supervision program. These groups represent a wide range of interests: consumers, nonbank financial services providers, depository institutions, and others. From the very start, we have made it a […]

Published Category: Policy & Compliance

Explainer: What is a nonbank, and what makes one “larger”?

Dear CFPB, I noticed you posted a request for public comments on “larger participants” for your “nonbank supervision” program. I don’t understand what this is about. I know what a bank is – I walk past one every day on my way to work – but what is a nonbank? And larger than what, anyway? […]