Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger recently indicated that the bureau would consider updating its policies regarding consent order termination requests in an effort to bring regulatory relief to the industry.
CFPB consent orders often have fixed or indefinite terms, the majority of which, imposed since 2014, require mandatory compliance within 30 to 90 days which continues for a term of five years.
Find out more about what developments could be coming down the road.