Statement of Policy on Applications for Early Termination of Consent Orders
The policy statement outlines the early termination application process for entities subject to an administrative consent order (Consent Order) and the standards that the Bureau intends to use when evaluating applications.
In order for a Consent Order to be terminated early, an entity should demonstrate that it meets certain threshold eligibility criteria, has fully complied with the terms of the Consent Order, and has a satisfactory compliance management system in applicable areas. These conditions are designed to minimize the risk of new violations of law by the company and to protect consumers.
An entity’s application for early termination should be submitted to the Bureau point of contact specified in the Consent Order. In general, an application should demonstrate that the entity has satisfied all of the conditions for granting early termination described in the policy statement. Bureau staff will review applications and make recommendations to the Director about whether to terminate a Consent Order. Under the policy, the sole authority to terminate a Consent Order remains with the Bureau’s Director and the termination decision is at their discretion.