On April 11, the CFPB announced it would not “prioritize enforcement or supervision actions” regarding entities who do not meet the registration deadlines under the nonbank registry rule. As previously covered by InfoBytes, under the previous administration the CFPB released a final rule titled “Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders” which would have mandated that nonbank covered entities must register with the Bureau if the covered entity receives an action or proceeding by an agency or court, regardless of jurisdiction. The CFPB noted it will not enforce the April 14 and July 14 deadlines for entities subject to 12 CFR Part 1092, as the Bureau reprioritizes its focuses onto more “pressing threats to consumers.” The CFPB is also considering “a notice of proposed rulemaking to rescind the regulation or narrow its scope,” meaning that the registry and associated rule will remain in effect until it is rescinded.

Visit our resource center, CFPB Pause: Where From Here?, to stay on top of the latest and what it may mean for the federal and state regulatory and enforcement landscape.