Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CFPB Issues Financial Civil Penalty Fund Rule
WASHINGTON (4/29/13)--The Consumer Financial Protection Bureau Friday proposed a rule to establish a "Consumer Financial Civil Penalty Fund," which was created under the Dodd-Frank Wall Street Reform Act.

The proposal, in effect, would lay out procedures for allocating funds the bureau collects as fines from financial institutions for faulty products or services to consumers who were harmed by them. It also interprets what kinds of payments to victims are appropriate.

To the extent that such victims cannot be located or "such payments are otherwise not practicable," the rule would allow the CFPB to use the civil penalty funds for consumer education and financial literacy programs. However, the proposal notes that, in the future, the bureau may limit the amount of funds that the fund administrator may allocate to consumer education and financial literacy programs.

Also under the proposed rule, the administrator would allocate funds from the Civil Penalty Fund on a six-month schedule.

Use the resource link to access the CFPB proposal document.
RSS





print
News Now LiveWire
App puts #CUNAGAC in palms of attendees' hands #NewsNow http://t.co/piabPHIGb5
2 hours ago
App puts #cunagac in palms of #creditunion attendees' hands http://t.co/2XZC3LWw6Z
3 hours ago
Breaking at #NewsNow: @CUNA files amicus brief in Florida interchange case. http://t.co/gWSBjCtSD7
3 hours ago
What is the @NCUFoundation ? Watch this Foundation video: http://t.co/iC6XoInU7r
6 hours ago
Follow @cumagazine for even more #CUNAGAC live-action reports March 8-12 #creditunion #creditunions #UniteForGood
9 hours ago