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CFPB Issues Civil Penalty Fund Rule
Monday, April 29, 2013 10:30 AM

The Consumer Financial Protection Bureau (CFPB) is issuing a rule to govern the administration of the agency’s Civil Penalty Fund. The CFPB is also releasing a notice of proposed rulemaking seeking public comment on the management of the Fund. The rule creates a transparent process for allocating money from the Bureau’s Civil Penalty Fund to compensate victims harmed by a person or company that was fined in an enforcement action brought by the agency.

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 established a CFPB Civil Penalty Fund. If a person or company violates a federal consumer financial protection law, the Bureau can bring an enforcement action against them, which could result in the person or company having to pay a civil penalty. When the Bureau collects civil penalties, it deposits them in the Fund.

An overview of the Civil Penalty Fund is available at http://www.consumerfinance.gov/budget/civil-penalty-fund/.
 

Frequently Asked Questions on the Civil Penalty Fund can be found at http://files.consumerfinance.gov/f/201304_cfpb_faqs_civil-penalty-fund.pdf.

While the Civil Penalty Fund Rule is issued as a final rule effective immediately, the CFPB is also publishing a notice of proposed rulemaking (NPRM) to seek public input on the rule and on possible changes to it. The period for public comment on the NPRM is 60 days. Once the agency receives comments from the public, it intends to review those comments and may issue a revised rule.

The rule is available at: http://files.consumerfinance.gov/f/201304_cfpb_final-rule_civil-penalty-fund.pdf.
 

The notice of proposed rulemaking is available at http://files.consumerfinance.gov/f/201304_cfpb_proposed-rule_civil-penalty-fund.pdf.