Institutions subject to CFPB supervisory authority | Consumer Financial Protection Bureau (2024)

FAQs

Who is subject to CFPB supervision? ›

The CFPB supervises a range of companies to assess their compliance with federal consumer financial laws. We have supervisory authority over banks, thrifts, and credit unions with assets over $10 billion, as well as their affiliates.

The CFPB also has the authority to oversee nonbank compliance, regardless of size, in certain specific markets: mortgage companies (originators, brokers, and servicers, as well as providers of loan modification or foreclosure relief services); payday lenders; and private education lenders.

The CFPB has regulatory authority over providers of many types of financial products and services, including credit cards, banking accounts, loan servicing, credit reporting and consumer debt collection. A person shops in the beef section of a supermarket on February 13, 2023 in Los Angeles, California.

If we can't send your complaint to the company for response, we'll send it to another federal agency and let you know. Consistent with applicable law, we share your complaint with certain state and federal agencies to, among other things, facilitate: supervision of companies, enforcement activities, and.

We periodically publish Supervisory Highlights to share key examination findings. These reports also communicate operational changes to our supervision program and provide a convenient and easily accessible resource for information on our recent guidance documents.

3 The term "covered person" is defined in relevant part in the CFPA as "any person that engages in offering or providing a consumer financial product or service." 12 USC § 5481(6)(A).

They did, however, define five states as restriction states. That's Alabama, Arizona before August 2019, California, Florida post August 2014, and Oregon.

The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information, visit www.consumerfinance.gov.

The Bureau may enforce the law by filing an action in federal district court or by initiating an administrative adjudication proceeding. Administrative proceedings are conducted by an Administrative Law Judge, who holds hearings and issues a recommended decision.

The CFPB has unilateral authority to subject individual nonbank financial services companies to its supervisory authority. Congress expressly granted the CFPB supervisory authority over the thousands of nonbanks that offer residential mortgage loans, private education loans and payday loans.

What is the new CFPB rule? ›

The rule will curb fees that cost American families more than $14 billion a year. The CFPB estimates that American families will save more than $10 billion in late fees annually once the final rule goes into effect by reducing the typical fee from $32 to $8.

The Bureau is authorized to exercise its authorities under Federal consumer financial law to administer, enforce, and otherwise implement the provisions of Federal consumer financial law.

Every complaint helps us in our work to supervise companies, enforce federal consumer financial laws, and write better rules and regulations. You speaking up gives us important insight into the issues you face as a consumer, so thank you!

However, it has 45 days to investigate if you dispute after receiving your free annual credit report. Also, if you submit additional information relevant to your dispute during the 30-day investigation period, it can extend the investigation period for 15 additional days.

By statute, a primary function of the CFPB is to collect, investigate and respond to consumer complaints.

The CFPB has supervised nonbank entities in certain industries like mortgage and payday lending, service providers to banks and credit unions, and larger players in particular markets as defined by rule.

The Federal Reserve shares supervisory and regulatory responsibility for domestic banks with the OCC and the FDIC at the federal level, and with individual state banking departments at the state level.

The Federal Reserve's supervision activities include examinations and inspections to ensure that financial institutions operate in a safe and sound manner and comply with laws and regulations. These include an assessment of a financial institution's risk-management systems, financial conditions, and compliance.

Supervision and Regulation: An Introduction

Bank regulation refers to the written rules that define acceptable behavior and conduct for financial institutions. The Board of Governors, along with other bank regulatory agencies, carries out this responsibility. Bank supervision refers to the enforcement of these rules.