14 May 2025
📉CFPB Proposes Rescission of Nonbank Registry Rule
Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders; Proposed Rescission
Summary
The Consumer Financial Protection Bureau (Bureau or CFPB) is proposing to rescind its rule requiring certain types of nonbank covered persons subject to certain final public orders obtained or issued by a government agency in connection with the offering or provision of a consumer financial product or service to report the existence of the orders and related information to a Bureau registry.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The proposed rescission of the NBR Rule reduces compliance burdens on nonbank covered entities, likely improving profitability and enabling investments in new products. This change can directly impact costs passed on to consumers and overall access to financial services.