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Law360: Vought’s CFPB Finds Industry Fans in Rule Repeal Effort

By June 13, 2025July 23rd, 2025No Comments

In their comment letters filed this past week, many of those same trade groups doubled down by reiterating their past criticisms, warning that the rules overstepped the CFPB’s authority and should be repealed to avoid breaking the law or inflicting unintended harm.

The Online Lenders Alliance, for example, wrote that it had previously voiced “serious concerns” about the nonbank registry and accordingly supports shutting it down now.

“Considering the dubious statutory authority for the registry, its redundancy, and the potential burdens it will place on nonbank entities, it appears to be little more than a ‘name and shame’ tactic rather than a useful and productive tool,” OLA said in a Friday letter.

In fact, OLA continued, those who “would appear to benefit the most from the registry would be plaintiffs’ attorneys and others seeking to file endless lawsuits. This would not justify the sizable compliance and regulatory costs to nonbanks, which may result in the reduction of services available to American consumers.”

Read the full story in Law360