ARLINGTON, Va. (May 13, 2025)—After the Consumer Financial Protection Bureau issued a proposed rule rescinding its registry of nonbank entities that have ever been involved in any final enforcement action, settlement, or consent order with any government entity, Online Lenders Alliance Chief Executive Officer Andrew Duke issued the following statement:
“The CFPB took an important step last month when it announced that it would not prioritize enforcement of the nonbank registry rule, and the proposed rule to fully rescind it is another welcome development. The Online Lenders Alliance has opposed this registry since it was first announced as it very clearly goes beyond the Bureau’s legislative and supervisory jurisdiction.
“From the outset, this nonbank registry has appeared to be more of a ‘name and shame’ scheme and a resource for trial attorneys rather than a useful tool for consumers and regulators. It’s duplicative, it’s burdensome, and it lacks clear benefits for consumers.
“We applaud the CFPB for their efforts to put an end to this unnecessary, unlawful, and unduly burdensome rule.”
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