CFPB Offers Regulatory Relief From Registration Requirements for Small Loan Providers

WASHINGTON, D.C. – The Consumer Financial Protection Bureau is announcing today that, with respect to the regulation titled Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders, 89 Fed. Reg. 56028 (July 8, 2024) (codified at 12 CFR part 1092), 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. This policy applies to, but is not limited to, the upcoming April 14, 2025 registration deadline for entities subject to 12 CFR 1092.206(a)(2) and July 14, 2025 registration deadline for entities subject to 12 CFR 1092.206(a)(3). The Bureau will instead continue to focus its enforcement and supervision activities on pressing threats to consumers. The Bureau is further considering issuing a notice of proposed rulemaking to rescind the regulation or narrow its scope.

The Consumer Financial Protection Bureau is a 21st century agency that implements and enforces Federal consumer financial law and ensures that markets for consumer financial products are fair, transparent, and competitive. For more information, visit www.consumerfinance.gov.