In a letter, the Student Borrower Protection Center (SBPC) responds to the Consumer Financial Protection Bureau’s (CFPB) proposal to create a registry of covered nonbank entities that are under certain final public orders from a federal, state, or local agency in connection with the offering or provision of a consumer financial product or service. SBPC’s letter outlines the long history of predatory recidivist behavior in the student financing space that makes this registry long overdue, as well as the variety of ways in which the registry will mark a step forward for consumer protection. In addition, SBPC offers several suggestions for how the registry could reach even further in incorporating lessons on how to hold bad actors accountable, and how it could more effectively plug dangerous oversight gaps.
Read the letter: Letter in Response to the CFPB’s Proposed Rule for a Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders