House Republicans Urge CFPB to Rescind Nonbank Registry Proposal

Representative Andy Ogles (R-TN) joined several Republican House members urging the CFPB to rescind a proposal (see here) to establish a nonbank registry and require financial institutions to register with the CFPB.

In a letter addressed to CFPB Director Rohit Chopra, the House Republicans argued that the CFPB "does not have the authority to promulgate a registration rulemaking this robust." Further, they opposed the proposal for imposing increased costs for nonbank entities and added that a "significant share" of public enforcement actions are already submitted to the Nationwide Multistate Licensing System & Registry.