CFPB Settlements with Apple and U.S. Bank Rescinded: Oversight Ends Early
The Consumer Financial Protection Bureau has ended settlements with Apple and U.S. Bank, originally set under former President Biden's administration. These developments are part of broader efforts to minimize the agency's consumer finance oversight. Apple and U.S. Bank have paid their respective penalties, ending early compliance requirements.
In recent developments, the Consumer Financial Protection Bureau (CFPB) officially ended its regulatory settlements with Apple and U.S. Bank. Originally, these settlements included rigorous oversight requirements set during the Biden administration.
This move aligns with broader strategies seen during President Donald Trump's tenure, which aimed to reduce the CFPB's consumer finance oversight. Notably, similar settlements with companies like Toyota and Bank of America were also quietly revoked.
Apple and U.S. Bank, both subjects of consumer protection law violations, have complied with their financial penalties, resulting in the early termination of oversight mandates. Requests for comments from the involved parties and the CFPB remain unanswered.
(With inputs from agencies.)
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