United States of America: Announced proposed rule for Agency and Court Orders Registry of Nonbank Financial Firms

On 12 December 2022, the Consumer Financial Protection Bureau (CFPB) proposed a rule where certain nonbank financial firms providing services like loans would need to register with the CFPB when subject rulings or court orders brought under to local, state, or federal consumer financial protection regulations. Larger entities would also be required to attest to whether they are adhering to such orders. The register is intended to improve the accountability and transparency of nonbank financial firms and aid the CFPB's market supervision activities. A 60 day consultation period on the proposed rule will commence on its publication in the Federal Register.