Skip to main content

CFPB Proposes Registry To Detect Fraud, Repeat Offenders

Sarah Wolak
Dec 13, 2022
Fraud Alert

Registry of company and court-order information would help identify and mitigate risks.

  • Proposal would require certain nonbank financial firms to register with the CFPB.
  • The registry would include companies' court orders and judgements, including consent and stipulated orders.
  • CFPB says the goal is to protect state, local, and federal agencies from abuse and repeat offenders.

The Consumer Financial Protection Bureau (CFPB) on Monday proposed requiring certain nonbank financial firms to register with the bureau when they become subject to certain local, state, or federal consumer financial protection agency or court orders.

The CFPB further proposed to publish the orders and company information via an online registry. 

Generally, the CFPB says, nonbanks would have to report final agency and court orders and judgments, including consent and stipulated orders, brought under federal consumer financial protection laws or state laws regarding unfair, deceptive, or abusive acts or practices.

Larger companies subject to the CFPB’s supervisory authority would be required to designate an individual to attest whether the firm is adhering to registered law enforcement orders. The proposed rule would help the agency ensure that supervised companies perform their obligations to consumers, as well as identify potential risks.

“Protecting American households is a shared effort across local, state, and federal authorities,” said CFPB Director Rohit Chopra. “The proposed registry will help the CFPB, the law enforcement community, and the public limit the harms from repeat offenders.”

The CPFB says the repository will allow it to track and mitigate the risks posed by repeat offenders, while also being able to monitor all lawbreakers subject to agency and court orders. In order to promote transparency among fellow regulators and law enforcement agencies, the registry will be public.

The CFPB also stated in a news release that the proposal entails “enhancing market monitoring and risk-based supervision efforts” to ensure that the bureau and its enforcement partners can identify previous lawbreakers and potentially halt any instances of further large-scale harm or continued illegal efforts.

The full proposed rule can be read here

Dec 13, 2022
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Industry News
Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Industry News
Jan 26, 2023
Housing Prices Across Texas Likely Hobbled In 2023

But you’re getting a lot less for $1 million

Industry News
Jan 23, 2023
UWM Adds 'Control Your Price' To 'Game On' Pricing

New program provides 125 basis points in price enhancements for loan orignators.

Industry News
Jan 11, 2023
Rocket Pro TPO Relieves Brokers Of Credit Fee Burden

Will provided free credit reports to brokers if they get their loan closed with the Detroit lender.

Industry News
Jan 10, 2023
Former Employees Sue Rocket Mortgage Over OT Pay

Claim company failed to properly calculate & pay OT for working beyond 40 hours a week.

Jan 09, 2023