Citizen Works has long advocated for a corporate crime database as part of our ongoing efforts to reduce corporate abuse and ensure transparency for consumers. On June 3rd, 2024, the Consumer Financial Protection Bureau finalized a rule that takes a step towards that goal.

The new rule creates a publicly available registry that tracks enforcement actions against non-bank lenders—like payday and auto loan venders—that have broken consumer protection law. The rule applies only to the non-bank lenders that the CFPB oversees but requires they report any action taken against them because they broke consumer protection laws—whether the CFPB was the one who acted.

Additionally, the rule requires that a senior executive at the lender report to the CFPB what steps are being taken to comply with enforcement actions. (See the rule)

While this rule is an important step towards reigning in corporate crime, Citizen Works still advocates for the creation of a comprehensive database to track corporate crime and anti-consumer behavior.