CFPB Launches Public Database to Track Financial Company Misconduct

The new registry will document consumer law violations by nonbank financial firms, aiding law enforcement and public awareness.

The database will include records of misconduct dating back to 2017.
It will cover nonbank financial entities like credit bureaus, debt collectors, and student loan servicers.
Companies must register any violations and provide yearly attestations from senior executives.
The registry aims to prevent repeat offenses by making violations easily accessible.
Industry groups have raised concerns about potential reputational damage and redundancy with existing systems.