CFPB PROPOSES RULE ESTABLISHING FINTECH REGISTRY

On December 12, 2022 the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would require certain nonbank entities falling under CFPB supervision to register with the CFPB after becoming subject to a public written order or judgment based upon violations of certain consumer protection laws. The entities would be required to self-report the applicable order to the CFPB and provide basic identifying and administrative information about the entity as well as information regarding the orders (including copies of the orders). The resulting registry will be made available to the public to mitigate risks to consumers and “unify the efforts of consumer financial protection enforcers.” Read More