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CFPB Issues Final Rule Requiring Certain Nonbanks to Report Final Public Orders and Submit Annual Compliance Reports
Thursday, June 20, 2024

On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a Final Rule (the Rule) requiring certain nonbank “covered persons” to report certain final public orders issued by a local, state, or federal government agency or court arising from “the offering or provision of a consumer financial product or service” to a registry that will be established by the CFPB (Registry). Additionally, the Rule requires certain supervised nonbanks to submit annual reports certifying their compliance with the registered public orders. The Rule, which will take effect Sept. 16, 2024, has been in the works since the Bureau announced the Proposed Rule and request for comments in December 2022. The CFPB also issued a condensed Executive Summary detailing the Rule’s requirements and the CFPB’s implementation plans. The Rule amends 12 CFR chapter X by adding Part 1092.

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