The CFPB has formally rescinded its rule creating a registry for nonbank enforcement actions.
The rule, proposed during the Biden Administration, would have required certain nonbank entities to register certain covered enforcement or court orders, and comply with ongoing, attested reporting requirements on the entity’s compliance with such orders.
The repeal was effective on October 29, 2025.
The bureau proposed rescinding the Nonbank Registry Rule (NBR) rule earlier this year.
The rule would have applied to any nonbank that engaged in offering or providing consumer financial products or services and any of its service provider affiliates unless excluded. The rule would have required that covered entities register with the CFPB if they were, or became, subject to certain court orders or certain types of orders from state, local, or federal agencies involving consumer protection laws. We discussed the rule at length here.
The CFPB said it was concerned that the rule would have imposed costs on regulated entities and that those costs would be passed onto the consumer. The benefits of the rule are “speculative and unquantified,” the CFPB said.
When it was issued during the Biden Administration, the CFPB said the rule would help deter violations of consumer protection laws. At the time, the CFPB also said it would help the bureau, law enforcement and the public limit harms from repeat offenders.
However, in repealing the rule, the CFPB said it was unlikely that consumers would find the registry useful, including as a tool to comparison-shop among providers of consumer financial products and services.
The bureau said it consulted with the Federal Reserve, the FDIC, the OCC, the NCUA, the FTC and the Farm Credit Administration, state agencies, and tribal governments, in developing the rescission rule.
Comments from the Small Business Office of Advocacy, the Conference of State Bank Supervisors, and most industry associations supported rescission of the rule, , the CFPB said.
“The Bureau agrees with commenters who supported rescission of the NBR Rule because its various features are duplicative, unnecessary, or significantly burdensome,” the CFPB said.
The Consumer Financial Protection Bureau (CFPB) has recently released its Spring Semiannual Regulatory Agenda –(which included the proposal to repeal the nonbank registry discussed above) the first under the Trump Administration and it’s raising eyebrows across the consumer financial services industry.
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