The consumer watchdog agency wants to make it easier to supervise financial companies

The Consumer Financial Protection Bureau wants to undo changes it made over the last two years. This means it will be easier for the agency to designate non-bank financial companies for supervision.

The CFPB can supervise banks automatically. But it has to go through a formal process to supervise non-bank financial companies, like large fintech lenders or debt collectors. The agency made this process harder for itself in 2022 and 2024. Now it wants to reverse those changes, which means it will have more power to oversee a wider range of financial firms.