Today, the Consumer Financial Protection Bureau (CFPB) announced a new rule that allows the bureau to "supervise certain nonbank student loan servicers for the first time." The bureau previously oversaw student loan servicing at the largest banks, but today's rule "expands that supervision to any nonbank student loan servicer that handles more than one million borrower accounts, regardless of whether they service federal or private loans" (See our March 18, 2013, blog post for more information). Under this new rule, which was proposed in March, CFPB estimates that it will "have authority to supervise the seven largest student loan servicers." Combined, these companies service the loans of more than 49 million borrower accounts, which is most of the student loan servicing market. For more, read the full press release.