- 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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Federal regulators proposed to place nonbank financial institutions under supervision of the Federal Reserve Board if their activities are deemed to pose a systemic risk to the U.S. financial system.
The Consumer Financial Protection Bureau is asking companies that “track and collect information on people’s personal lives” to provide information to the agency as it considers rulemaking under the Fair Credit Reporting Act.
An appeals court’s finding the Consumer Financial Protection Bureau’s funding mechanism to be unconstitutional could affect a multitude of lawsuits filed against the agency, according to legal experts.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
