Nonbank companies that violate consumer finance laws at any level across the US will have to register with a new public federal database, the Consumer Financial Protection Bureau announced.
Covered companies—including payday lenders, consumer credit reporting companies, debt collectors, and nonbank payment companies—will be required to report agency and court orders issued in any jurisdiction to the CFPB under its final rule released Monday. Senior executives from the companies will have to attest they are complying with the orders.
The database, first proposed in December 2022, is intended to ensure that nonbank consumer finance companies hit with federal, state, or ...
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