The head of the Online Lenders Alliance, a fintech trade group, welcomed the decision in a Tuesday statement to Law360, calling the registry “unnecessary and unduly burdensome.”
“OLA 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’s CEO Andrew Duke said.
“In addition to clearly exceeding the bureau’s legislative and supervisory jurisdiction, this proposal was duplicative of efforts by states, the Nationwide Multistate Licensing System, and the CFPB’s own consumer complaint registry,” Duke added.
Read the full article in Law360
