CFPB official registry and press releases

CFPB Finalizes Rule on June 3 to Create Registry for Nonbank Financial Offenders

Jun 3, 2024, 07:55 PM

The Consumer Financial Protection Bureau (CFPB) announced on June 3 the finalization of a rule to establish a registry for nonbank financial companies and individuals who repeatedly violate consumer protection laws. This public database aims to identify and track nonbank corporate offenders that have been subject to federal, state, or local government or court orders. The initiative is designed to help detect and deter repeat offenders, addressing the issue of companies treating fines and penalties as mere costs of doing business. The rule has sparked differing reactions, with some viewing it as a significant step towards protecting financial consumers, while others criticize it as an unnecessary expansion of regulatory reach.