CFPB Publishes Proposed Rulemaking on the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders

On January 30, 2023, the Consumer Financial Protection Bureau (CFPB) published a notice of proposed rulemaking in the Federal Register on the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders.  The proposed rule would require certain nonbank covered person entities that are under certain final public orders obtained or issued by a Federal, State, or local agency to report the existence of such orders to a CFPB registry. The CFPB is proposing to include all final public written orders and judgments (including consent and stipulated orders and judgments) obtained or issued by the CFPB or any government agency for violation of certain consumer protection laws.  The CFPB 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.

Comments are due on March 31, 2023. 

Read the notice at Regulations.gov.

Submit comments identified by Docket No. CFPB–2022– 0080 or RIN 3170–AB13, by any of the following methods:

• Electronic: Follow the instructions for submitting comments on Regulations.gov.
• Email: 2022-NPRM-OrdersRegistry@cfpb.gov. Include Docket No. CFPB– 2022–0080 or RIN 3170–AB13 in the subject line of the message.
• Mail/Hand Delivery/Courier: Comment Intake—Nonbank Registration of Certain Agency and Court Orders, c/o Legal Division Docket Manager, Consumer Financial Protection Bureau, 1700 G Street NW, Washington, DC 20552.

Advocacy contact: Send an email to Jennifer A. Smith at Jennifer.Smith@sba.gov.