CFPB Sets Policy For Early Termination Of Consent Orders
By Al Barbarino (October 6, 2020, 6:10 PM EDT) -- The Consumer Financial Protection Bureau has issued a policy statement detailing a new application process that will allow entities to terminate consent orders against them, though attorneys noted its limited scope due to a long list of requirements and exceptions.
The consent orders — settlements between the CFPB and companies accused of federal consumer financial law violations — will be terminated in "exceptional circumstances" at the "discretion and sole authority" of Director Kathy Kraninger in consultation with her staff, according to Monday's statement.
"Consent orders play an essential role in the bureau's enforcement work," the statement said. "At the same time,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!