On December 12, 2022, the Consumer Financial Protection Bureau published a proposed rule that would require nonbank covered persons to report certain public agency enforcement actions and court orders for publication in a publicly available, online database called the nonbank registration system (NBR). In addition to requiring that nonbank covered persons submit filings to the NBR within 90 days of the effective date of any applicable order, the proposal would require nonbank covered persons to appoint a senior executive to attest to compliance with any such orders on an annual basis. Interested parties may submit comments to the proposed rule through the Federal eRulemaking Portal, by email or via direct mail. Comments must be received by the CFPB on or before February 10, 2023.
The CFPB proposes establishing the NBR pursuant to its authority under the Consumer Financial Protection Act to monitor markets for consumer financial products and services and to identify risks to consumers. Consistent with its ongoing focus on so-called repeat offenders, the CFPB noted that the NBR would help identify and prevent further consumer harm from companies that repeatedly violate consumer financial protection laws. The CFPB also noted in the proposed rule that a “public registry of agency and court orders issued or obtained in connection with violations of law would help the [CFPB] and the broader public monitor trends concerning corporate...
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