Advocacy Submits Comments on CFPB’s Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders NPRM

On January 30, 2023, the Consumer Financial Protection Bureau (CPFB) published a notice of proposed rulemaking for the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders. The proposed rule has three provisions. The first proposed provision would require nonbank covered persons that are subject to agency and court orders to register and submit copies of the orders to the CFPB. The provision includes consent and stipulated orders and judgments. The second proposed provision would require nonbank covered persons to prepare and submit an annual written statement, signed by a designated individual, regarding compliance with each covered public order. The third proposed provision describes the registration information the CFPB would make publicly available.

On March 28, 2023, the Office of Advocacy submitted comments on the Consumer’s notice of proposed rulemaking on the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders.

For more, read the public comment letter and fact sheet, which highlights Advocacy’s concerns and recommendations.