CFPB Formally Eliminates Registry of Nonbank Legal Proceedings

The Consumer Financial Protection Bureau is officially eliminating a database that was set to show all settlements and violations of federal, state, and local consumer financial protection laws involving nonbank companies it oversees.

Publishing details of those legal proceedings would be “confusing and costly for consumers and firms, and provide little or no benefit to other regulators,” the CFPB said in a final rule slated to be formally published Wednesday in the Federal Register.

In its bid to undo Biden-era regulations, the CFPB is also withdrawing a proposed registry of nonbank companies that use contract terms such as arbitration clauses and ...