On May 14, 2025, the CFPB published in the Federal Register a proposal 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.
The CFPB is proposing to rescind the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders (NBR Rule) based upon concern that the costs the rule imposes on regulated entities, and which may in large part be passed onto consumers, are not justified by the speculative and unquantified benefits to consumers discussed in the analysis proffered in the NBR Rule. The Bureau is seeking comments on that proposal, including non-speculative and methodologically rigorous analysis of the purported benefits and costs that were identified when the rule was promulgated. Comments will be accepted until June 13, 2025.
The proposal can be found here.