Tennessee U.S. Congressman Andy Ogles (R-TN-05) led a group of House Financial Services Committee Republicans in sending a letter to the Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra expressing opposition to a proposal from the bureau to establish a nonbank registry.
It was announced last December that the CFPB proposed a rule to identify repeat financial law violators by creating a database of enforcement actions against certain nonbank-covered entities. According to the proposed rule, certain nonbank entities must register with the bureau and provide regular updates on their covered orders.
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