CFPB to supervise online lending giants

WASHINGTON – The Consumer Financial Protection Bureau has plans to start supervising the largest online lenders in a similar manner to traditional financial institutions, according to a report from The Wall Street Journal.
The proposed supervision, slated to be unveiled this fall, could take place as soon as late 2017 and would include so-called “installment lenders,” representing those who offer small-dollar loans with set payment periods and those who tie loans to car titles, according to the report.
The proposed supervision is noteworthy, as it marks the first time these type of lenders would face the same federal scrutiny as more traditional banks.