As previously reported, in June 2024 the CFPB issued a final rule creating a Nonbank Enforcement Order Registry. The rule is effective on September 16, 2024, with registrations available beginning on October 16, 2024 pursuant to a tiered implementation approach.

The CFPB has now released the initial version of a Filing Instructions Guide (FIG) that provides details on how to submit information to the Nonbank Registry Portal (Portal). The CFPB noted that the Portal is not yet deployed and it plans to have the Portal go live for applicable companies to start the registration process for covered orders on October 16, 2024. The CFPB Nonbank Registry webpage includes links to the FIG, as well as links to an executive summary of the rule (previously issued), a company registration sample form, and instructions for viewing state regulatory actions in the Nationwide Multistate Licensing System & Registry (NMLS). The CFPB advises on the webpage that forthcoming guidance materials include quick reference user guidance and additional sample forms.

The FIG addresses how company personnel may register to use the Portal and assign levels of authority to other personnel. Additionally, the FIG addresses how companies may submit various items of required information to the Portal, including:

• Administrative information regarding the company.
• Information on a covered order, including the law(s) involved and the issuing court or issuing agency/agencies. Companies will be able to add information on covered orders to the Portal in draft form, and make edits, before actually submitting the order to the CFPB through the Portal.
• Whether the company is registering the order under the standard requirements, or under the alternative one-time registration available for covered orders published on the NMLS in which the CFPB was not involved. The FIG contains an advisory notice that questions about the alternative filing option for applicable orders published on the NMLS, including eligibility and how to provide the required information to the Portal, should be submitted to the CFPB’s Nonbank Registry by either submitting a support ticket in the Portal or through a specified email address, and that questions about the option should not be submitted to the NMLS Call Center.
• An optional Notice of Good-Faith Non-Registration, by which a company may notify the CFPB that it is not registering based on a good faith belief that it is not subject to the registration requirements. The FIG provides that a company may opt to submit one of the following Good-Faith Notices to the Nonbank Registry: (1) it is not a covered nonbank, (2) it is not a CFPB-Supervised Covered Nonbank, and therefore, is not required to comply with the written statement requirements (including designating an attesting executive), and/or (3) the order(s) that it is subject to is not a covered order under the CFPB rule.
• For companies subject to the annual statement filing and attestation requirements, how such statements and attestations may be submitted. With regard to the required written statement that must be submitted by an attesting executive, the FIG has an advisory that once documents are submitted to the Portal they may not be deleted.
• The submission of a final statement regarding a registered order once the order is terminated, abrogated, or ceases to be a covered order.

The Consumer Financial Services Group held a webinar on July 23, 2024 addressing the Registry, and will publish a podcast regarding the Registry on September 5. We will continue to monitor developments regarding the implementation of the Registry.

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