Comment Deadline Set for CFPB Proposal to Establish Registry of Consumer Protection Law Violators

Comments on a CFPB proposal to establish a public registry designed to collect information about public agency orders and judgments related to violations of the consumer protection laws are due by March 31, 2023. The Notice was published in the Federal Register.

As previously covered, the proposed rule would require nonbank covered person entities to report to the registry public written orders and judgments issued by federal, state or local agencies related to "violations of certain consumer protection laws." The registry entries would include (i) basic identifying information about the company and the Order and (ii) a copy of the Order. Additionally, certain CFPB-supervised nonbanks would be required to publicly designate one or more executives responsible for the firm's compliance efforts related to the Order, including providing ongoing compliance updates.

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