ARLINGTON, Va. (October 28, 2025)—Earlier today, the Consumer Financial Protection Bureau issued a final rule rescinding its previous rule creating a registry of nonbank entities that have ever been involved in any final enforcement action, settlement, or consent order with any government entity. In response, Online Lenders Alliance Chief Executive Officer Andrew Duke issued the following statement:
“Since the CFPB issued its rule creating this nonbank registry more than a year ago, 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. 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 (NMLS), and the CFPB’s own consumer complaint registry.
“We applaud the CFPB for ending this unnecessary and unduly burdensome rule.”
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