Repeat Financial Law Violators to Be Compiled Under CFPB Proposal

The CFPB is seeking to identify repeat financial law violators by creatinga database of government enforcement actions against payday lenders, independent mortgage lenders, fintechs and other nonbank financial firms.

The Consumer Financial Protection Bureau’s Monday proposal would require financial firms potentially subject to agency supervision to register any consent order, judgment, court order or other legal settlement with state, federal or local enforcement agencies.

The registry could potentially be made public for other agencies and consumers to view.

Companies on the registry would have to have a compliance executive write a letter to attest to the CFPB that they are ...