CFPB Launches Registry for Corporate Repeat Offenders
The Consumer Financial Protection Bureau (CFPB) has finalized a rule to create a registry aimed at detecting and deterring corporate offenders who violate consumer laws. This registry will help identify repeat offenders and recidivism trends, aiding law enforcement and other stakeholders in holding companies accountable. The rule requires nonbank financial companies to register with the CFPB when they have violated consumer laws and provide attestations of compliance from senior executives. This initiative is part of the CFPB's broader effort to enhance oversight and prevent corporate recidivism.