CFPB Aims to Ease Process to Escape Monitoring (1)

The Consumer Financial Protection Bureau is working to streamline the process for companies to get out from under enforcement actions.

CFPB Director Kathleen Kraninger on Nov. 21 said the bureau only wants companies to operate under consent orders and bureau monitoring for as long as necessary to make sure that improper conduct has stopped.

Companies that enter CFPB consent orders can be forced to stay under bureau monitoring indefinitely, although since 2014 consent orders have lasted five years, Kraninger said.

To date, the CFPB has only terminated a handful of consent orders, a process that begins at a company’s request. ...