The CFPB has rescinded a rule requiring certain nonbanks subject to final public orders obtained or issued by a government agency in connection with the offering or provision of a consumer financial product or service to report the existence of the orders and related information to a CFPB registry.

The CFPB has also withdrawn a proposed rule that would have required most nonbanks subject to its supervisory authority register in a CFPB system information about their use of certain terms and conditions in form contracts, and would have required the CFPB to publish such information and registrants’ identifying information. The CFPB said the costs and burden outweigh the benefits.

Author: sdbrownlow

Student of Design