CFPB requires nonbanks to register per consumer protection

The Consumer Financial Protection Bureau finalized a rule requiring nonbanks to register information about the company with the Bureau in part of consumer protection laws. These entities will be required to register in a system established by the CFPB, provide basic information about the company and update the registry as needed to maintain accuracy. The CFPB will publish this information on its website.

The rule goes into effect Sept. 16. Read more about the final rule here.