On May 14, 2025, the Consumer Financial Protection Bureau (CFPB) published a notice of proposed rulemaking to rescind the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders rule (NBR Rule). The proposal would rescind the regulations imposed by the NBR Rule adopted in July 2024, requiring certain types of nonbank covered persons to submit to the CFPB registry their final public orders obtained or issued by a government agency or court in connection with the offering or provision of a consumer financial product or service.
Advocacy previously commented on the proposed NBR Rule in March 2023 and raised several concerns with the proposal. The concerns include requiring that consent orders be included and requiring that expired orders remain published beyond the effective term of the order. Advocacy supports this rescission of the NBR Rule and commends CFPB for this action. Based on Advocacy’s estimates using CFPB and Census Bureau data, the rescission could save affected small entities roughly $28.7 to $143.4 million or higher in compliance costs over the next ten years.
COMMENT LETTER
CFPB Rescission of NBR Rule (PDF, 76 KB)
CONTACT: Tanner Long
EMAIL: tanner.long@sba.gov
TAG(S): CFPB