CFPB to require nonbanks to register outside enforcement orders
By 
Aaron Nicodemus2024-06-04T16:58:00
The Consumer Financial Protection Bureau (CFPB) passed a new rule requiring nonbank financial companies to register consumer protection orders filed against them by other federal agencies, courts, or states.
The rule mandates nonbank financial companies register with the bureau when they become subject to a “written order imposing obligations based on violations of certain consumer protection laws.” The registrations must include basic information about the company and the written order and be periodically updated if the order is changed or extended.
The CFPB said Monday in a press release the new registry will help the agency “to identify repeat offenders and recidivism trends.” The agency proposed the rule in December 2022.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
PremiumNew CFPB data rights rule will modernize U.S. banking system, Chopra says
Banks, credit card companies and other financial mainstays will be required to comply with new data privacy and retail account portability regulations under a sweeping rule issued Tuesday by the Consumer Financial Protection Bureau.
-
News BriefCFPB proposes $3.95M fine against Freedom Mortgage over repeated data errors
Freedom Mortgage Corp. would have to pay a $3.95 million fine and carry out regular auditing and testing of its loan data under a proposed order by the Consumer Financial Protection Bureau.
-
News BriefSupreme Court rules CFPB funding structure constitutional
The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.
More from Regulatory Policy
-
ArticleU.K. Employment Rights Act will lead to rise in tribunal claims
The number of U.K. employment tribunal cases could rise following reforms in the Employment Rights Act 2025. Several changes take effect this year, including shorter unfair dismissal qualifying periods, day-one worker rights, stronger protections for pregnant women, and an end to exploitative contracts.
-
ArticleU.K. government scraps long-awaited audit reforms to prioritize growth
Long-awaited reforms to the U.K. audit regime have been “scrapped” from the government’s legislative plans. The decision has led to an outburst of disappointment and frustration from audit bodies and pension funds that argued the reforms would increase trust in companies and support growth.
-
News BriefCFPB, DOJ withdraw guidance to lenders considering borrowers’ immigration status
Two months after the U.S. Consumer Financial Protection Bureau proposed a rule change to narrow anti-discrimination requirements for lenders, it has reversed previous guidance on noncitizen customers looking to borrow.