Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders; Rescission

Key Points

• 1The CFPB is getting rid of a public registry that listed non-bank financial companies (like fintech companies and loan providers) that were subject to agency orders or court-ordered restrictions
• 2This registry previously helped consumers and the public identify which financial companies were under active government oversight or had been sanctioned
• 3Non-bank financial companies—those that aren't traditional banks—will no longer have this public tracking system monitoring their compliance with government orders
• 4The registry removal reduces transparency about which non-traditional lenders and financial firms have had compliance problems or are under regulatory watch
• 5This affects everyday people who use alternative financial services, as they'll have less publicly available information about a company's regulatory history

Impact Assessment

Key Dates