CFPB ‘Repeat Offender’ Registry Sparks Concerns of Overreach

The CFPB’s plan to create a registry of all settlements reached by nonbank consumer finance companies is intended to spot bad actors, but some are worried the effort would hamper state and local enforcement.

The Consumer Financial Protection Bureau on Dec. 12 proposed requiring any nonbank consumer finance firm to register any consent order, judgment, or other enforcement action from a state, local, or federal authority or regulator. An executive would be required to attest to the company’s compliance. And although even nonbank entities with just one violation would be included, the agency is considering making public what it’s calling ...