The CFPB recently issued two proposals that would require nonbanks to register with and submit information to the CFPB for publication in an online, publicly available database. The proposals represent an aggressive attempt by the CFPB to enhance its supervisory and enforcement authorities and carry significant potential implications for nonbanks that would be required to register.… Continue Reading
registry
This week’s podcast episode: The Consumer Financial Protection Bureau’s proposals to create two public registries for nonbanks: what you need to know, Part I
By Barbara S. Mishkin on
Posted in CFPB, Regulatory and Enforcement
The CFPB recently issued two proposals that would require nonbanks to register with and submit information to the CFPB for publication in an online, publicly available database. The proposals represent an aggressive attempt by the CFPB to enhance its supervisory and enforcement authorities and carry significant potential implications for nonbanks that would be required to register.… Continue Reading
CFPB proposes registry for supervised nonbanks using form contracts containing arbitration provisions, waivers, or other limits
The CFPB has issued a proposed rule to establish a system for the registration of nonbanks subject to CFPB supervision that use “certain terms or conditions that seek to waive consumer rights or other legal protections or limit the ability of consumers to enforce their rights.” Arbitration provisions are among the terms that would trigger registration. … Continue Reading
CFPB proposes creation of registration system for nonbanks subject to agency or court orders involving alleged violations of federal, state, or local consumer protection laws
By John D. Socknat, Lisa Lanham & John Georgievski on
Posted in CFPB, Regulatory and Enforcement
On December 12, 2022, the CFPB released a proposed rule that would require certain “covered nonbanks” to register with and submit information to the CFPB when they become subject to certain orders from local, state, or federal agencies and courts involving violations of certain consumer protection laws. The CFPB has further proposed to make the registration information publicly available, including by publishing it on the Bureau’s website.… Continue Reading