3. Only big banks will be overseen by the new agency
The Consumer Financial Protection Bureau will enforce regulations at mortgage lenders and banks that have more than $10 billion in assets, which would cover only half of the bank branches in the United States, according to data from the National Community Reinvestment Coalition, a Washington-based consumer group.
That means bigger banks like Bank of America would be regulated by the Consumer Financial Protection Bureau, but smaller institutions such as Eastern Bank would not. Oversight of those smaller banks would remain with their current regulators, however those banks would still need to abide by the consumer bureau's rules.
Related: How oversight would change