CFPB’s RAP Sheet for Corporate Criminals
WASHINGTON, D.C. – The U.S. Consumer Financial Protection Bureau (CFPB) today finalized a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders. The registry also will help the agency identify repeat offenders and recidivism trends. Bartlett Naylor, financial policy advocate for Public Citizen, released the following statement:
“Creating a RAP sheet (records of arrests and prosecutions) for financial firms will help police fraudsters who move their scams across jurisdictions. This will aid state and local law enforcers as well as astute consumers offered deals too good to be true.”