In connection with its regulation titled Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders (the Nonbank Registration Regulation), the CFPB announced on April 11, 2025, that it "will not prioritize enforcement or supervision actions with regard to entities that do not satisfy future deadlines under the regulation to submit registration information."
The Nonbank Registration Regulation prescribes rules governing the registration of nonbanks, the collection and submission of registration information by such persons and the public release of the collected information as appropriate. On June 3, 2024, the CFPB issued the Nonbank Registration Regulation (NBR Orders Rule), codified at 12 C.F.R. Part 1092, which establishes a registry of certain nonbanks that are subject to certain public agency and court orders.
This CFPB supervision and enforcement reprieve applies to, but is not limited to, the following:
1) The upcoming April 14, 2025, registration deadline for entities subject to 12 C.F.R. § 1092.206(a)(2), which includes covered persons that:
- offer or provide origination, brokerage or servicing of loans secured by real estate for use by consumers primarily for personal, family or household purposes, or loan modification or foreclosure relief services in connection with such loans
- the CFPB has reasonable cause to determine, by order, after notice to the covered person and a reasonable opportunity for such covered person to respond, based on complaints collected or information from other sources, that such covered person is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services
- offers or provides to a consumer any private education loan
- offers or provides to a consumer a payday loan
2) The July 14, 2025, registration deadline for entities subject to 12 C.F.R. § 1092.206(a)(3), which includes any other covered nonbank.
The CFPB stated that it will "instead continue to focus its enforcement and supervision activities on pressing threats to consumers."
In addition, the CFPB announced that it is considering a reevaluation of the rule and, as a result, may issue a proposed rule to rescind the regulation or narrow its scope.
Notably, as with the CFPB's March 28, 2025, announcement providing a supervision and enforcement reprieve in connection with the Payday Lending Rule, this press release also does not impact the ability of state regulators to bring enforcement actions related to violations of the rule, as state regulators may bring federal consumer financial protection claims under Title X of the Dodd-Frank Act, and the rule was promulgated pursuant to such.
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