CFPB Offers Regulatory Relief From Registration Requirements for Small Loan Providers

Key dates

2024-07-08

The final rule was published at 89 Fed. Reg. 56028.

2024-09-16

The final rule became effective.

2025-01-14 Deadline

Initial implementation deadline for larger participant CFPB-supervised covered nonbanks under 12 CFR 1092.206(a)(1).

2025-04-11

The CFPB announced its policy of not prioritizing enforcement or supervision actions for failures to meet future registration deadlines under 12 CFR part 1092.

2025-04-14 Deadline

Implementation registration deadline for other CFPB-supervised covered nonbanks under 12 CFR 1092.206(a)(2).

2025-07-14 Deadline

Implementation registration deadline for all other covered nonbanks under 12 CFR 1092.206(a)(3).

Suggested considerations

• Compliance teams may wish to document whether the entity is a covered nonbank and whether any agency or court order meets the covered-order criteria in 12 CFR 1092.201, including the requirement that the order be a final public order identifying the entity and imposing obligations based in whole or in part on specified consumer-law or UDAAP violations.
• Firms should consider preserving an inventory of potentially covered orders, registration data, and supporting legal analyses even if they elect not to file while the CFPB's prioritization policy remains in effect.
• Covered entities may wish to assess whether filing by the applicable date remains preferable for licensing, supervisory, litigation, diligence, or reputational reasons, rather than treating the announcement as a definitive exemption.
• Compliance teams should monitor for a proposed rulemaking, final rule, formal withdrawal, or further CFPB communication that changes the status or scope of 12 CFR part 1092.
• CFPB-supervised registered entities should continue evaluating the separate annual written-statement requirements in 12 CFR 1092.204 and should not assume that the announcement eliminates obligations other than the future registration-deadline enforcement priority described.
• Firms may wish to record the policy statement as an enforcement-risk and resource-allocation development, not as a statutory safe harbor against other CFPB, state, or private-party consequences for underlying consumer-law violations.

What changed

The CFPB stated that it will not prioritize enforcement or supervision actions concerning failures to submit registration information by future deadlines under the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders, codified at 12 CFR part 1092. The stated policy covers, among other entities, nonbanks subject to the implementation deadlines in 12 CFR 1092.206(a)(2) and 12 CFR 1092.206(a)(3). The CFPB will instead focus enforcement and supervision resources on pressing threats to consumers. The policy does not expressly repeal, amend, or invalidate the final rule, its coverage tests, its registration requirements, its order-submission requirements, or the annual written-statement requirements applicable to certain CFPB-supervised registered entities. The Bureau s

Who is affected

• Nonbank covered persons subject to covered agency or court orders under 12 CFR 1092.201
• Other CFPB-supervised covered nonbanks subject to the implementation period in 12 CFR 1092.206(a)(2)
• Non-CFPB-supervised covered nonbanks subject to the implementation period in 12 CFR 1092.206(a)(3)
• Small-dollar, payday, installment, vehicle-title, and other nonbank consumer-credit providers that fall within the rule's covered-person and covered-order criteria

Related regulations

• 12 CFR part 1092
• 12 CFR 1092.201
• 12 CFR 1092.202
• 12 CFR 1092.204
• 12 CFR 1092.206
• Dodd-Frank Act §§ 1022(b), 1022(c), and 1024(b), 12 U.S.C. §§ 5512(b), 5512(c), and 5514(b)