CFPB To Create Repeat Offender Registry

The Consumer Financial Protection Bureau finalized a rule creating a registry of repeat corporate offenders to deter further infractions. The goal is to identify financial institutions that have violated consumer laws and government or court orders on multiple occasions, helping it hold lawbreaking companies accountable. Court orders and agency actions against companies that have broken the law are not comprehensively tracked, the Bureau says, giving offenders leeway to keep moving forward with scams, schemes, and other illegal conduct. “When companies believe that violating the law is more profitable than following it, this totally undermines public trust and harms businesses who are playing by the rules,” CFPB Director Rohit Chopra said in prepared remarks. Now, nonbank financial companies caught violating consumer…