The U.S. Consumer Financial Protection Bureau (CFPB) plans to establish "dedicated units" within its enforcement and supervision divisions to better detect repeat corporate offenders, the watchdog's director said on Monday.
The CFPB is looking at "structural remedies" aimed at holding large institutions more accountable for repeated misconduct, director Rohit Chopra said at a University of Pennsylvania law school event.
Regulators need to do a better job of working with the remedies they have at hand to raise the stakes of corporate misconduct, he said, highlighting limitations on a company's leverage, revoking government-granted privileges and bans on certain business practices.
The CFPB will be boosting collaboration with state licensing officials so that states can better ascertain whether a company's business licenses should be suspended or whether assets should be liquidated, Chopra said.
© 2024 Thomson/Reuters. All rights reserved.