Nonbank financial services companies with prior enforcement orders are preparing for the Consumer Financial Protection Bureau’s (CFPB) new Enforcement Order Registry, which takes effect on September 16, 2024. Covered entities include nonbank consumer lenders, loan servicers, credit reporting companies, furnishers, debt collectors, and payment providers with prior federal, state, or local enforcement orders and consent decrees. These entities face new disclosure obligations under the CFPB’s regulations.
Key requirements include:
- Mandatory registration of enforcement orders.
- Annual written compliance statements required for certain entities supervised by the CFPB.
- Potential for simplified compliance procedures via the NMLS Registry.
Join Jay Harris, Partner at Hudson Cook and Eric Ellman, Senior Vice President, Public Policy & Legal Affairs, Consumer Data Industry Association, as they review the final rule’s coverage and obligations, and suggest best practices to prepare for the rule and the additional attention it will bring to covered companies.
