The CFPB’s New Offenders Registry and Contract Language Warnings: Need-to-Know Information for Banks and Nonbanks

Join us for an in-depth discussion on the latest foray by the Consumer Financial Protection Bureau (CFPB) to enhance its supervisory and enforcement authorities through aggressive rulemaking. This webinar will cover a recently issued final rule the CFPB says will help detect and deter violators of consumer protection laws. The rule requires certain nonbank entities to register with the CFPB upon becoming subject to any order from local, state, or federal agencies or courts involving consumer protection law violations. 

We’ll also address the CFPB’s recent Circular in which it warned that certain terms and conditions in consumer financial product or service contracts may constitute violations of consumer protection law. Notably, the Circular also states that the use of prefatory language that often appears in consumer contracts—such as “subject to applicable law” or “to the extent permitted by law”—will not immunize contract language from being deceptive.

To help companies and organizations keep pace with the regulatory changes, in this session we’ll cover:

• Key Definitions in the Registry Rule:

  • What is a “covered nonbank?”
  • What constitutes a “covered order?”

• Registration Requirements: Implementation Timeline: Key dates and deadlines

  • Information required
  • Annual written statement requirements, including who qualifies as “attesting officer”
• CFPB outreach: Efforts by the CFPB repeat offenders unit
• Legal Challenges: Potential legal challenges to the Registry Rule and Circular
• State Law Requirements: State-level mandates for licensed entities to disclose regulatory actions against them

• Deceptive Contract Terms:

  • Discussion on deceptive terms as described in the Circular
  • Steps companies should take in response, including contract reviews

This program is pending approval for 1.0 CLE credit in CA, NV, NY, PA & MN; and 1.2 NJ. Uniform Certificates of Attendance will also be provided for the purpose of seeking credit in other jurisdictions.

Login details can be found in the calendar hold and will be resent the day before the webinar. For more information, contact questions@ballardspahr.com.