CFPB Plans to Eliminate Biden-Era Nonbank Penalty Database (1)

The Consumer Financial Protection Bureau plans to eliminate a Biden-era public registry for nonbank companies found liable of violating consumer finance laws, according to a regulatory filing.

The agency under Director Rohit Chopra finalized a rule last June requiring any nonbank company determined to be in violation of a municipal, state, or federal consumer finance law to submit the relevant court or agency orders to the public database. Senior executives had to attest in the database that their companies were complying with those orders.

But the CFPB under acting Director Russell Vought has determined that Chopra’s team didn’t perform an ...