NCHER Webinar on the CFPB’s New Registry for Nonbanks and Circular on UDAAP Violations in Consumer Financial Products and Services Contracts

On Thursday, June 27^th from 2:00 to 3:30 p.m., NCHER will hold a webinar to discuss the Consumer Financial Protection Bureau’s (CFPB) new final rule establishing a registry for nonbanks that have been found to violate consumer laws and are subject to federal, state, or local government or court orders and requiring a high-ranking senior executive officer to submit an annual written statement that the company is complying with covered orders. State regulators have raised concerns that the CFPB’s registry will cause industry confusion and redundant reporting, but the Bureau says that the registry is part of its ongoing focus to hold lawbreaking companies accountable and stop corporate recidivism. The CFPB also recently issued a new circular warning that the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services may violate the prohibition on unfair, deceptive, or abuse acts or practices (UDAAP) under the Consumer Financial Protection Act, though chose not to establish a new registry covering this activity at this time.

During the webinar, industry experts will review the details of the final rule on the nonbank registry and UDAAP circular on terms and conditions in contracts, highlight the timeline and near-term requirements for both initiatives, and discuss their impact on the higher education finance industry. A question-and-answer session will follow the discussion. Members can register for the webinar on the NCHER website.

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The webinar is complimentary to NCHER Members.  

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