Here at insideARM we aim to do the hard work for you! Scouring the internet for ARM Industry news and narrowing it down to the 3 biggest stories. The first week of June brought us a breakdown of the CFPB’s activity in May, the most recent CFPB action, and some credit card data from the Federal Reserve. So, sit back, relax, and read on for our recap of last week’s news and why you need to know about it!
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On June 3, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rule requiring covered nonbanks to register enforcement orders, and it is a doozy. Not only will covered nonbanks be required to register public orders issued by agencies and courts with the CFPB, but they will have to go back to 2017. And not only will the CFPB publish the orders, but a large subgroup will have to certify on a yearly basis their full compliance with the orders or make a self-disclosure to the CFPB of any compliance failures. This rule has obvious major consequences for any covered person caught in its web, making the exact ambit of the rule crucial. Given the final rule clocks in at a whopping 486 pages, this post will attempt to provide a roadmap through the rule, focusing on what is required and who is covered.
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