CFPB Registry to Track Nonbank Financial Offenders

  • The CFPB has finalized a rule establishing a registry of nonbank financial firms that are subject to enforcement orders for violating consumer protection laws. The agency expects the registry to be a valuable resource for state AGs and other consumer protection enforcers, as well as for investors, creditors, and others engaged in due diligence or similar research.
  • The Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders final rule requires nonbank financial companies to register with the CFPB if they are subject to certain final agency and court orders and judgments, including consent and stipulated orders brought under consumer protection laws, and to provide a written attestation from an executive confirming compliance with the relevant order.
  • In addition to the new registry, the CFPB has established a Repeat Offender Unit responsible for oversight of supervised entities subject to agency law enforcement orders.