On June 3, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule to create the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders. As previously discussed here, the final rule adds registration and reporting requirements for certain nonbank financial companies when they become subject to certain federal, state, and local agency orders, court orders, or judgments for violations of consumer protection laws.
Recently, the CFPB published a Filing Instructions Guide related to the Nonbank Registry (“NBR”). The guide provides information for entities that must comply with the final rule, detailing how to submit information for covered orders, including how to register, how to enter contact and company information and other data field entry specifications.
The Filing Instruction Guide can be found on the CFPB’s new Nonbank Registry portal and public database webpage. The webpage will be the access point for the NBR portal and a future public database that will be available to regulators and the public. The NBR portal is not yet active on the webpage, but the CFPB notes that it expects user access to be available by the beginning of the first implementation period, which starts on October 16, 2024.
The webpage includes contact information for technical assistance, including a dedicated email, NBRHelp@cfpb.gov, for entities to send regulatory or compliance questions related to the Nonbank Registry and final rule. Additional resources are also provided, including a Company Registration Sample Form, Instructions for Viewing State Regulatory Actions in the Nationwide Multistate Licensing System (“NMLS”), and an Executive Summary of the Nonbank Registration Orders Final Rule.
DocMagic will continue to monitor the implementation of the Nonbank Registry and provide additional information as it becomes available.
