Navigating Consent Orders: How to Turn Compliance into a Competitive Advantage
Blog post from Socure
Consent orders are binding enforcement actions issued by financial regulators when institutions have significant compliance or risk-management failures, often involving inadequate identity verification, entity resolution, anti-money-laundering controls, or customer onboarding practices. Financial institutions may face scrutiny from agencies including FinCEN, CFPB, OFAC, and federal or state prudential regulators following examinations, referrals, or law-enforcement investigations, and orders typically require years of remediation through detailed Matters Requiring Attention. Their effects can include fines, stock-price declines, reputational damage, operational costs, and heightened career and business risks, particularly for sponsor banks and fintech partners operating banking-as-a-service programs. The passage argues that institutions can reduce these risks by proactively strengthening identity verification, fraud controls, customer due diligence, transaction monitoring, risk scoring, audit trails, and oversight across partner portfolios, while presenting Socure’s products as tools intended to support these compliance and remediation efforts.
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