CFPB Supervisory Authority

The Consumer Financial Protection Bureau (CFPB) has supervisory authority, meaning it can oversee and examine certain financial institutions—like banks, credit unions, and payday lenders—that provide financial products or services to consumers. This oversight helps ensure these institutions comply with laws designed to protect consumers from unfair, deceptive, or abusive practices. The CFPB's supervision can involve reviewing their operations, policies, and compliance measures, helping to maintain a fair and transparent financial marketplace. Essentially, it acts as a regulator that monitors certain financial entities to promote responsible lending and protect consumers from harm.