The CFPB has issued a bulletin encouraging self-policing, self-reporting, remediation, and cooperation. The bulletin notes the CFPB considers many factors in the exercise of its enforcement discretion. These include:
the nature, extent, and severity of the violations identified;
the actual or potential harm from those violations;
whether there is a history of past violations; and
a party’s effectiveness in addressing violations.
The CFPB provided the guidance to inform those subject to the Bureau’s enforcement authority that in addition to these and other factors, there are activities they can engage in both before and after the conduct in question has occurred that the Bureau may favorably consider in exercising its enforcement discretion.