The Consumer Financial Protection Bureau (CFPB) on Wednesday issued a final rule to immediately rescind the nonbank registry rule and a proposal to create a registry of nonbank contract terms and conditions. The decision was applauded by mortgage trade groups. 

The nonbank registry rule was published in the Federal Register in July 2024 and set to take effect in September 2024 during the Biden administration. It required nonbank financial services providers to register certain enforcement actions and court orders with a new federal database. 

The main criticism from mortgage trade groups centered on what they characterized as the rule’s redundancy. Independent details ⇒

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