The article highlights the MBA's stance on recent regulatory developments affecting smaller nonbanks under the CFPB's supervision. With new registration deadlines set for 2025, the MBA believes Trump's executive order to freeze government regulations should apply, promoting a review of ongoing rules. The letter argues that the CFPB should suspend collection requirements for nonbanks during this period and emphasizes that the proposed non-bank consent order registry duplicates existing state resources. The MBA aims to prevent unnecessary costs to lenders amidst the evolving regulatory landscape.
But smaller nonbanks under CFPB supervision [are] required to register by April 14, 2025, with all other covered nonbanks to follow by July 14, 2025, according to the MBA.
The MBA also said that the CFPB should suspend any collection requirements for large participants that have not yet filed orders or have relevant orders issued during the freeze.
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