CFPB Offers Regulatory Relief From Registration Requirements for Small Loan Providers
Summary
- Credit unions are not subject to prioritized enforcement or supervision actions for non-compliance with registration deadlines under the 'Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders' regulation.
- This relief is offered by the CFPB.
Why It Matters for Texas Credit Unions
This guidance affects all credit unions, including those in Texas, as it provides temporary relief from enforcement actions for compliance with registration requirements under a specific regulation.
Original Source Material
The Consumer Financial Protection Bureau will not prioritize enforcement or supervision actions for entities that do not satisfy future deadlines to submit registration information under the regulation titled "Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders".