Under the Consumer Financial Protection Bureau's non-bank enforcement registry, non-banks supervised by the CFPB as larger participants are required to complete registration by 14 January 2025. The registry, finalised during 2024, requires qualifying firms to disclose any government or court orders issued against them since 1 January 2017.
The first deadline applies to non-banks supervised by the CFPB as larger participants in markets such as consumer reporting, debt collection, student loan servicing, international money transfers and automobile financing; other covered non-banks follow in later phases.
SCOPE OF MANDATORY DISCLOSURE OBLIGATIONS
Covered non-banks must register any final government agency orders, consent orders, injunctions, and court judgments that impose ongoing obligations on the firm in connection with the provision of a consumer financial product or service.
Separately, CFPB-supervised registrants must file an annual written statement by 31 March, signed by an attesting executive, describing the steps taken to oversee compliance with registered orders and attesting whether any violations occurred in the preceding year.
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