WASHINGTON, June 18 -- Consumer Financial Protection Bureau has issued a proposed rule called: Consumer Financial Civil Penalty Fund Rule Amendment.
The proposed rule was published in the Federal Register on June 18 by Russell Vought, Acting Director, Consumer Financial Protection Bureau.
Summary: The Consumer Financial Protection Bureau (Bureau or CFPB) is proposing to amend its 2013 rule implementing the provision of the Consumer Financial Protection Act of 2010 (CFPA or Act) that establishes a Consumer Financial Civil Penalty Fund (Civil Penalty Fund). Under the CFPA, the Civil Penalty Fund may be used for payments to victims of activities subject to civil penalties; to the extent victims cannot be located or payments are not practicab...