Last week, the CFPB came out with a final rule that establishes procedures to extend its supervision to certain nonbanks whose activities it has reasonable cause to determine pose risks to consumers. Nonbanks subject to the rule are companies that offer or provide consumer financial products or services but do not have a bank, thrift or credit union charter. The CFPB has the authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act to supervise, after following certain procedures, any nonbank...