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Agency·Rule·4 months ago

CFPB Moves to Scrap Public Registry Requiring Nonbank Lenders to Report Legal Orders

Key Points

  • This rule cancels a 2024 plan that would have made many nonbank finance companies report certain legal orders to a federal registry.
  • Nonbank companies that got public orders from courts or regulators no longer have to file paperwork copies and updates with the Consumer Financial Protection Bureau.
  • Some supervised nonbank firms also no longer have to file yearly signed statements saying whether they followed those orders.
  • The agency says the registry would cost businesses time and money (and cost the government about $2.5 million a year) without clear proof it helps consumers.
  • For consumers, it may be harder to find a single “one-stop” list of companies with past enforcement orders, but the orders are still public in other places.
Consumer ProtectionData PrivacySmall BusinessEconomyTrade

What Happens Next

Projected impacts based on AI analysis

Right away after Oct 29, 2025

Companies stop spending time preparing upcoming registry filings.

Firms that were planning to register orders or prepare annual signed statements can pause that work and redirect staff time to other compliance tasks.

Over the following months after rescission

CFPB winds down vendor support and staff work tied to operating the registry.

Federal spending and staff hours devoted to running the registry should drop compared to what was projected under the registry program.

Related News

3 articles
American Banker·4 months ago

CFPB kills two Biden-era nonbank registries, citing costs

The CFPB is rescinding a 2024 rule that required nonbanks to report violations of court orders to a federal registry. Acting Director Russ Vought cited concerns that the costs of the registry, which could be passed to consumers, were not justified by 'speculative and unquantified benefits.'

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Scotsman Guide·4 months ago

CFPB cancels pair of nonbank registry rules

Under Acting Director Russell Vought, the CFPB finalized a rule rescinding the Nonbank Registry Rule. The rescission was praised by mortgage industry groups who argued the requirements were duplicative of existing state systems like the Nationwide Multistate Licensing System.

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American Banker·11 months ago

CFPB looks to rescind nonbank registry, ignore compliance

In an earlier move signaling the rescission, the CFPB announced it would not prioritize enforcement of the nonbank registry rule. The agency indicated that the registry of 'repeat corporate offenders' was under review as part of a broader effort to roll back Biden-era regulations.

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Source Information

Document Type

Federal Rule

Official Title

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

Analysis generated by AI. While we strive for accuracy, this should not be considered legal or professional advice. Always verify information with official government sources.