The Consumer Financial Protection Bureau (CFPB) recently proposed a rule that would likely limit the nonbanks it supervises to those whose activities “pose a high likelihood of significant harm to consumers” in connection with offering or providing consumer financial products or services. The CFPB’s rule would more narrowly construe a provision of the Consumer Financial Protection Act that the CFPB has relied on to supervise such nonbanks. The proposed rule reflects the CFPB’s revised supervision priorities under the Trump administration, consistent with the April memorandum previously shared with CFPB staff in April 2025.