Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders

Title: Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders
Subject: Registry of orders
Agency: CFPB
Proposed rule

Pursuant to its authorities under the Consumer Financial Protection Act of 2010 (CFPA), the Consumer Financial Protection Bureau (Bureau or CFPB) is proposing to require certain nonbank covered person entities (with exclusions for insured depository institutions, insured credit unions, related persons, States, certain other entities, and natural persons) that are under certain final public orders obtained or issued by a Federal, State, or local agency in connection with the offering or provision of a consumer financial product or service to report the existence of such orders to a Bureau registry. The Bureau is proposing to include all final public written orders and judgments (including consent and stipulated orders and judgments) obtained or issued by the Bureau or any government agency (Federal, State, or local) for violation of certain consumer protection laws. Pursuant to its authority under the CFPA, the Bureau is also proposing to require certain supervised nonbanks to submit annual written statements regarding compliance with each underlying order, signed by an attesting executive who has knowledge of the entity’s relevant systems and procedures for achieving compliance and control over the entity’s compliance efforts.

FR Doc:


Date proposed: Dec. 15, 2022
Comments due date: March 31, 2023
Effective date:

Rule compliance date:
Agency release:
Related Reg Report item(s):

Nonbank contracts claiming to waive consumer rights would be subject to registry under proposal