Large non-bank auto financers will now be supervised by the Consumer Financial Protection Bureau, according to a final rule released June 10, that also outlines the examination procedures that will be used to evaluate said companies.

Citing that auto loans are the third largest category of household debt in America, and the automobile leasing market continues to grow, the CFBP says the rule “will help ensure that larger auto finance companies treat consumers fairly.” The rule change may affect approximately 6.8 million customers of 34 of the largest nonbank auto finance lenders, according to the CFBP.

The CFPB’s auto lending supervision will now include the largest banks, credit unions, and any nonbank auto finance company that makes, acquires, or refinances 10,000 or more loans or leases in a year. The bureau may oversee the activity of these companies to ensure they are complying with consumer financial laws such as the Equal Credit Opportunity Act, the Truth in Lending Act, the Consumer Leasing Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (Dodd-Frank Act) prohibition on unfair, deceptive, or abusive acts or practices.

The rule also broadens the category of transactions involving asset-backed securities that are not counted toward the 10,000 transaction threshold that qualifies a nonbank auto lender for supervision, as well as slightly modifying the definition of “refinancing” as it relates to the threshold.

The CFPB also updated its Supervisory and Examination Manual to guide how the nonbank auto lenders will be examined. In addition to monitoring for compliance with federal consumer financial law, potential risks to customers, and other factors, the bureau also listed its four main evaluation factors. These include ensuring that the companies are fairly marketing and disclosing auto financing terms, providing accurate information to credit bureaus, treating consumers fairly when collecting debts, and lending fairly.

The rule was proposed in September 2014, and will take effect 60 days after publication in the Federal Register.