CFPB Sets Policy For Early Termination Of Consent Orders

Law360 (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,...

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