The CFPB has issued a final rule, with a fact sheet on the rule, extending its supervisory authority to nonbank student loan servicers that are “larger participants” (defined as servicers with an account volume of over one million borrower accounts, which represent seventy percent of the student loan servicing market). The CFPB has already been exercising its supervisory authority to examine large bank student loan servicers, and it will use its new authority to examine nonbank servicers for compliance with relevant consumer protection laws (such as the Fair Credit Reporting act, the Fair Debt Collection Practices Act, the Electronic Fund Transfer Act, and prohibitions on unfair, deceptive, and abusive acts and practices).