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ARTICLE · 30 OCTOBER 2020

CFPB Issues Policy Statement On Applications For Early Termination Of Administrative Consent Orders

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The CFPB has issued a "Statement of Policy on Applications for Early Termination of Consent Orders."

United StatesCompliance
Alan Kaplinsky
Alan Kaplinsky
James Kim
James Kim
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The CFPB has issued a "Statement of Policy on Applications for Early Termination of Consent Orders." The statement is applicable as of today.

The policy statement outlines the application process for an entity seeking the early termination of an administrative consent order and the standards that the Bureau will use when evaluating such applications. Administrative consent orders typically have a five-year term. The Bureau emphasizes that early termination will only be appropriate in "exceptional circumstances" and that the policy statement, which is not binding on the Bureau, is intended to facilitate early terminations when exceptional circumstances exist.

For the Bureau to grant an application for the early termination of a consent order, an entity must demonstrate, and the Bureau must determine in its sole discretion, that the entity (1) meets all of the eligibility criteria set forth in the Policy Statement, (2) has complied with all of the consent order's

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