“Given the rapid growth of consumer offerings by nonbanks, the CFPB is now utilizing a dormant authority to hold nonbanks to the same standards that banks are held to," CFPB director Rohit Chopra said in a statement.
According to the CFPB, the provision applies to “all nonbank entities in the mortgage, private student loan and payday loan industries, regardless of size.” The agency is seeking comment on this process.
