CFPB Ditches Reporting Rule for Wayward Financial Firms
Published Date: 10/29/2025
Rule
Summary
The Consumer Financial Protection Bureau is canceling a rule that made certain nonbank companies report government orders about their financial products. This change means those companies won’t have to share this info anymore, saving them and the Bureau time and money. The new rule takes effect right away on October 29, 2025, and aims to keep things simpler without hurting consumer protection.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Paperwork, Labor, and Bureau Cost Savings
The rescission removes compliance steps that the Bureau previously estimated would involve about 35 hours of paperwork burden for the initial registration plus first annual report (5 hours for initial registration and 30 hours for the first annual report), a total paperwork estimate in excess of 271,000 hours across covered nonbanks, and firm-level estimated labor costs of $350 for an initial registration and $2,100 for an annual reporting cycle. The Bureau also estimated operating costs to run the registry of about $2.5 million and 10,400 hours of Federal staff time (about five full-time employees); those costs are avoided by the rescission effective October 29, 2025.
Nonbank Registration Requirement Removed
If you are a nonbank company that would have had to register covered agency or court orders with the CFPB, the Bureau has rescinded that registration requirement. The change is effective October 29, 2025, so covered nonbanks no longer must submit identifying information and copies of covered orders to the CFPB registry.
Annual Reporting for Supervised Firms Ended
Supervised registered entities that previously faced an annual written-statement reporting requirement (the rule applied to supervised registrants other than entities with less than $5,000,000 in annual receipts) will no longer have that annual reporting obligation once the rescission takes effect on October 29, 2025.
CFPB Registry Publication Stopped
The Bureau is rescinding the NBR Rule provisions that authorized publishing information submitted to the nonbank registry, so the CFPB will not maintain and publish that centralized registry of covered orders after the rescission becomes effective on October 29, 2025. The rescission removes the Bureau's authorization to make registry submissions publicly available on its website.
Consumers May Avoid Pass-Through Compliance Costs
The Bureau's rescission is based in part on its view that the NBR Rule imposed costs on regulated entities that 'may be passed on to consumers.' By rescinding the rule effective October 29, 2025, the Bureau says those potential compliance costs and the Bureau's own registry operating costs will be avoided, which the Bureau frames as keeping things simpler without hurting consumer protection.
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Key Dates
Department and Agencies
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