What Does the CFPB’s New Public Registry to Detect Repeat Offenders Mean for Your Business?

On June 3, 2024, the Consumer Financial Protection Bureau (CFPB) issued the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule (“the Final Rule”).

The Final Rule, effective September 16, 2024, establishes a public registry of nonbank financial companies that have violated consumer protection laws and will require covered entities to report final judgments, settlements, or other enforcement orders to the CFPB. More ›

Louisiana Private Education Lender Registration Added to the Nationwide Multistate Licensing System and Registry

As of January 1, 2024, the Louisiana Office of Financial Institutions (OFI) is accepting registration of private education lenders. This registration requirement is applicable to nonexempt businesses making or holding private education loans and is the result of the passage of the Louisiana Private Student Loan Registry law. More ›

Maryland Moves to Eliminate Branch License Requirements for Non-Depository Institutions

As of July 1, 2023, Maryland will no longer require consumer finance company licensees to license their branch locations. Maryland House Bill 686 was signed into law by Governor Wes Moore on May 8, 2023 to effectuate the regulatory change. Up until the July 1 effective date, non-depository institutions operating in Maryland remain subject to branch license requirements. This means that these institutions are required to obtain and maintain separate licenses for each branch location. However, as a result of the change, licensees will be able to conduct business at multiple locations under a single license. More ›