Trade groups praised the elimination of the registry by claiming it was duplicative of the CFPB’s consumer complaint portal and of the Nationwide Multistate Licensing System operated by the Conference of State Bank Supervisors.
“Since the CFPB issued its rule creating this nonbank registry more than a year ago, the [Online Lenders Alliance] has repeatedly raised our serious concerns about what we felt was more of a ‘name and shame’ scheme and a beneficial resource to trial attorneys rather than a useful tool for consumers and regulators,” the group said in a press release.
Read the full article in American Banker
