CSBS is working on prudential standards for nonbank servicers, a framework for safeguarding sensitive information at nonbanks, and standards to modernize supervision and regulation of money transmitters.

Some of the bureau’s new enforcement and supervision priorities are lacking alignment, according to former CFPB executives.

According to industry insiders, there is room for state and federal regulators while also supporting the independence of federal agencies.

The bureau intends to focus on “actual fraud,” where there are identifiable victims with measurable damages as opposed to matters based on the bureau’s perception that consumers made “wrong” choices.

The transaction threshold determining which nonbanks come under the bureau’s supervision has been drastically increased, to 50 million annual transactions from 5 million proposed.

Federal Reserve examiners found that all Real Estate Settlement Procedures Act violations it encountered at banks in 2023 were tied to escrow account requirements.

All new covered orders must be submitted within 90 days of the order’s effective date, according to the bureau’s final rule on the registry.

The findings published in the CFPB’s latest supervisory highlights report are largely in line with previous bureau actions.

The bank will create a $14 million fund to boost credit access and mortgage services in areas where it allegedly engaged in redlining.

The final rule goes into effect Sept. 16, with the registration deadline for large nonbanks starting Oct. 16.