CFPB Kicks Off Program To Supervise Nonbank Cos.

Law360, New York (January 5, 2012, 7:38 PM EST) -- The Consumer Financial Protection Bureau on Thursday launched the country's first federal supervision program over mortgage lenders and servicers, payday lenders and nonbank companies offering financial products and services to consumers.

The CFPB assumed full power to regulate certain nonbank companies that provide student, payday and mortgage loans just a day before President Barack Obama appointed Richard Cordray as the bureau's first director.

While the CFPB had already started supervising major banks, thrifts and credit unions in July, its program now extends to certain financial-products companies...
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