On August 23, the CFPB issued a Filing Instructions Guide and launched the Nonbank Registry webpage to help nonbank entities understand, register and comply with the Nonbank Registration Rule (the Rule). As previously covered by InfoBytes, the Rule, which was issued on June 3 and becomes effective on September 16, will require certain nonbanks (subject to public orders resulting from regulatory actions) to register and file reports with the CFPB.
The Rule includes three separate submission periods.
- For larger participant CFPB-supervised covered nonbanks, the registration submission period is October 16 through January 14, 2025.
- For other CFPB-supervised covered nonbanks, the submission period is January 14, 2025, through April 14, 2025.
- For all other covered nonbanks, the submission period is April 14, 2025, through July 14, 2025.
The CFPB’s Nonbank Registry webpage links to various resources for filers, including the Filing Instructions Guide, an executive summary of the Rule, a sample registration form, and instructions for viewing state regulatory actions in NMLS. The CFPB notes that other resources will be added soon, including Quick Reference User Guides and additional sample forms. The Nonbank Registry Portal will likely go live on October 16 enabling nonbanks to start the registration process.
The Nonbank Registry webpage states that the CFPB plans to publish certain information from the registry online for public and regulatory use, along with summary reports and aggregations. It also provides a nonbank registry technical assistance email address (NBRHelp@cfpb.gov) for submission of requests for technical help with using the Nonbank Registry.
