The Consumer Financial Protection Bureau (CFPB) is proposing to amend its 2013 rule implementing the provision of the Consumer Financial Protection Act of 2010 (CFPA) that establishes a Consumer Financial 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 practicable, the CFPB may use funds for consumer education and financial literacy programs. The Bureau is proposing to revise its 2013 rule articulating procedures for allocations from the Civil Penalty Fund to rescind procedures related to allocations for consumer education and financial literacy programs.
PROPOSED RULE
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