On October 16, the CFPB terminated a 2023 consent order against a national bank, exercising its authority to end the order early after confirming the institution had “fulfilled certain obligations,” including paying the civil money penalty and making redress payments. The order was originally set to terminate five years after the original November 2023 order. As previously covered by InfoBytes, the original order required the bank to pay a $24.5 million civil money penalty, provide $1.4 million in consumer redress, and implement measures to prevent future violations of the ECOA and Regulation B following alleged findings of unlawful discrimination of individuals with Armenian national origin in credit card underwriting.
According to the termination order, the institution paid the required penalty, made redress payments, and took steps to implement injunctive relief required by the “Conduct Provisions” of the order. The CFPB stated it was waiving any alleged noncompliance and terminating the order pursuant to its authority and the terms of the original consent order. The CFPB’s action follows five other consent orders that the Bureau terminated throughout August and September (covered by InfoBytes here).
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