From the Archives: June 2013

CFPB REQUEST FOR COMMENT: Financial Civil Penalty Fund Rule 

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the establishment of a Consumer Financial Civil Penalty Fund. The CFPB proposed a rule and request for comment that lays out procedures for allocating funds the CFPB must deposit from any civil penalty it obtains against any person in any judicial or administrative action under federal consumer financial laws. Under the act, funds in the Civil Penalty Fund may be used for payments to victims of activities for which civil penalties have been imposed under federal consumer financial laws. In addition, to the extent that victims cannot be located or payments are otherwise not practicable, the CFPB may use the funds in the Civil Penalty Fund for the purpose of consumer education and financial literacy programs. A copy of the proposal and request for comment can be found here.
 


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