CFPB Proposes Ditching Nonbank Order Reporting Rule
Published Date: 5/14/2025
Proposed Rule
Summary
The CFPB wants to cancel the rule that makes some nonbank companies report certain government orders about their financial products or services. This change affects those companies and means less paperwork and no new fees. If approved, the rule would be gone soon, making things simpler and saving time and money.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
CFPB to Remove Nonbank Reporting Rule
If finalized, the CFPB would cancel the rule that required certain nonbank companies to report final public orders and related information to a CFPB registry. That change means those companies would face less paperwork and would not have to pay any new reporting fees, saving them time and money.
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