CFPB Proposes Nonbank Registry
This week, the Consumer Financial Protection Bureau published a proposed rule called Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders. According to the proposed rule, the Bureau would require covered entities “to register with the Bureau upon becoming subject to a public written order or judgment imposing obligations based on violations of certain consumer protection laws.”
The registry would provide information about the company and the order and publish it on the CFPB website. It would also require entities to identify and update executive(s) who are responsible for the firm’s efforts as they relate to court orders.
AFSA has serious concerns about the Bureau’s proposed registry, which seems more like “name and shame” website than a useful tool. AFSA will submit a comment letter at the end of the 60 day comment period.”
December 13th, 2022
