CFPB Moves to Scrap Public Registry Requiring Nonbank Lenders to Report Legal Orders
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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.'
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.
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.
Document Type
Federal Rule
Official Title
Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders; Rescission
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