CFPB Creates New “Repeat Offender” Unit
By developing a “repeat offender unit” Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB), has taken a hard-lined stance towards large banks that repeatedly violate formal court or regulatory orders. The unit is assigned to detect repeat offenses and their root causes, develop a system for monitoring prior offenders, and recommend remedies. Remedies may include imposing fines and potential revocation of licenses. This latest policy move comes after the CFPB announced last December the creation of a public registry for nonbank “repeat offenders.” Read more.