The CFPB’s Proposals to Create Two Public Registries for Nonbanks: What You Need to Know

In recent weeks, the Consumer Financial Protection Bureau (CFPB) issued two proposals that would require nonbanks to register with and submit information to the CFPB for publication in an online, publicly available database. One proposal would require companies to register when, as a result of settlements or otherwise, they become subject to orders from local, state, or federal agencies and courts involving violations of consumer protection laws. The other proposal would require companies to register if they use certain terms or conditions in form contracts such as waivers of consumer rights and arbitration provisions, regardless of whether such terms or conditions are lawful. The proposals represent an aggressive attempt by the CFPB to enhance its supervisory and enforcement authorities through the creation of the registries and carry significant potential implications for nonbanks that would be required to register.

Topics to be discussed include:

• The background and purpose of the registries

• The Dodd-Frank Act authorities relied on by the CFPB for the proposals

• Nonbanks that would be required to register under each proposal and the information registrants would be required to submit to the registries

• Potential regulatory, supervisory, and enforcement risks to nonbanks arising from the registries

• The requirement that supervised entities provide annual attestations from one or more executives regarding each covered enforcement order

• Potential impact and compliance implications of the form contracts registry for nonbanks using arbitration provisions and other contract terms and conditions covered by the registry

• Existing state registries for nonbanks

• How the proposals could impact banks and credit unions

This program is approved for 1.0 CLE credit in CA, NJ, & NY. Uniform Certificates of Attendance will also be provided for the purpose of seeking credit in other jurisdictions. Please note: CLE credit in the following states will not be available: NV and PA.

Please register at least two days before the webinar. Login details will be sent to all approved registrants. For more information, contact questions@ballardspahr.com.