General World News

CFPB creates public database of nonbank repeat offenders

The Consumer Financial Protection Bureau (CFPB) is creating a public database to identify nonbank financial companies that violate consumer laws, aiming to avoid recidivism trends.  

On Monday, the U.S. consumer financial watchdog announced that it finalized a rule establishing the new registry. It requires lenders caught violating consumer law to report certain final agency and court orders and judgments, including consent and stipulated orders. In addition, it requires senior executives to attest in writing that the company is not “flouting” orders. 

“Too often, financial firms treat penalties for illegal activity as the cost of details ⇒

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