The Consumer Financial Protection Bureau finalized a rule Tuesday that allows it to examine any nonbank servicer that handles more than one million student loan borrower accounts.

Beginning March 1, the CFPB will be able to supervise the largest nonbank student loan servicers and examine all student loans handled by supervised servicers, including federal student loans.

"By making sure these companies comply with federal consumer law, we can ensure that the marketplace for student loans is operating more effectively," said the agency's Director Richard Cordray during a conference call with reporters on Monday. "Today's rule affects one out of every five households in this country and will help address our broader concerns that unmanageable student loan debt may be dragging down people's lives."

The CFPB has urged student loan servicers to modify loans, fearing that the high levels of debt could harm the economy.

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