Overview
- The rescission became effective upon publication in the Federal Register on October 29.
- Only about 110 entities registered orders compared with roughly 4,000 nonbanks the CFPB initially expected to be covered.
- The agency cited compliance and system maintenance costs and questioned whether the registry effectively reduced consumer risk.
- The move follows an April decision to deprioritize enforcement of missed deadlines and a May proposal to withdraw after 16 public comments split over duplication versus transparency.
- The CFPB also withdrew its separate proposal to register form contract terms that limit consumer rights, pointing to overlap with systems such as the Nationwide Multistate Licensing System and uncertain benefits.