CFPB says it will not prioritize enforcement under nonbank registry rule
The CFPB said it will not prioritize enforcement or supervision against entities that miss future deadlines under its nonbank registry rule and is considering narrowing or rescinding the regulation.
The Consumer Financial Protection Bureau said on April 11 that it will not prioritize enforcement or supervision against entities that miss future deadlines to submit registration information under its nonbank registry rule.
The rule is titled Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders. It was published in the Federal Register on July 8, 2024, at 89 Fed. Reg. 56028 and codified at 12 CFR part 1092. The bureau said the policy applies to the April 14, 2025 deadline for entities subject to 12 CFR 1092.206(a)(2) and the July 14, 2025 deadline for entities subject to 12 CFR 1092.206(a)(3).
The CFPB said it will focus its enforcement and supervision on “pressing threats to consumers” rather than missed registration deadlines under the rule. The bureau also said it is considering issuing a notice of proposed rulemaking to rescind the regulation or narrow its scope.
In its announcement, the CFPB described itself as a federal agency that implements and enforces federal consumer financial law.
The bureau did not say whether it plans any immediate action on the rule beyond the enforcement and supervision policy. Its next step could be a notice of proposed rulemaking if it decides to move forward with rescission or a narrower rule.
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Editorial note: This article was prepared with AI assistance and requires editorial review before publication.
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