CFPB Creates Registry to Help Law Enforcement Track ‘Corporate Repeat Offenders’

The Consumer Financial Protection Bureau (CFPB) said on Monday that it will create a new registry to assist law enforcement agencies in detecting companies that have violated consumer protection laws. The CFPB said it has finalized a rule requiring “nonbank entities” to register with the bureau upon being found in violation of consumer law. This includes submitting final agency and court orders to the CFPB. Nonbank companies subject to federal, state, or court orders will also need to provide a written attestation from a senior executive confirming their compliance with the orders, the bureau said. “Too often, financial firms treat penalties for illegal activity as the cost of doing business,” CFPB director Rohit Chopra said in a press release....