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CFPB Creates Registry for “Corporate Repeat Offenders”

The Consumer Financial Protection Bureau (“CFPB”) finalized a rule on June 3, 2024 to create “a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders.”  

In its press release, the CFPB noted that the new rule will require covered non-bank companies to (a) report adverse final agency and court orders and judgments; and (b) provide a senior executive’s written attestation that confirms compliance with the orders.  This recent development is in line with a reinvigorated CFPB, further discussed in a previous article from Reed Smith

The CFPB expects the public registry to go live within the next year.