What Happened?
In the October 29 Federal Register, the Consumer Financial Protection Bureau issued a final rule rescinding its previous rule relating to the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, which imposed obligations on nonbank entities that offer or provide a consumer financial product or service. As a result, covered nonbanks will no longer be required to registered with the Bureau or provide information about certain public Federal, State, or local written orders imposing obligations on the nonbank based on violations of certain consumer protection laws (among other obligations we discussed in a previous post).
In the same Federal Register issue, the Bureau also issued notice of its intent to rescind: (a) amendments to its rules of practice governing adjudication proceedings; and (b) a proposed rule regarding the registry of supervised nonbanks that use form contracts to impose terms and conditions that seek to waive or limit consumer legal protections.