CFPB Rule Seeks To Allay Fears Over Civil Penalty Fund

Law360, New York (April 29, 2013, 1:28 PM EDT) -- The Consumer Financial Protection Bureau on Friday laid out how it will distribute civil monetary penalties it collects from enforcement actions to victims and the allocation process for leftover money in a bid to allay concerns raised about the use of the penalty fund.

The Dodd-Frank Act, which created the CFPB, gave the bureau the power to levy civil monetary penalties against the companies it regulates but did not provide firm details about how that money should be handled. The rule is intended to provide a...
To view the full article, register now.