- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2022-12-13T14:59:00
The Consumer Financial Protection Bureau (CFPB) proposed a rule that would require certain nonbank financial firms to register consumer protection orders filed against them by other federal agencies, courts, or states into a new, publicly accessible registry.
The CFPB’s repeat offender registry would “help unify the efforts of consumer financial protection enforcers” regarding nonbank financial firms and “allow the CFPB to track and mitigate the risks posed by repeat offenders while also being able to monitor all lawbreakers subject to agency and court orders,” the agency said Monday in a press release.
The proposed rule, which will be open for public comment for 60 days following publication in the Federal Register, would require covered nonbank financial institutions to report to the new CFPB registry “final agency and court orders and judgments, including consent and stipulated orders, brought under federal consumer financial protection laws or state laws regarding unfair, deceptive, or abusive acts or practices,” the press release said.
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