CFPB's Hazy 'Abuse' Definition Creates Compliance Questions – Law360

April 2023
Region: Americas

The Consumer Financial Protection Bureau on April 3 alerted the consumer financial sector about the bureau's expanded understanding of the concept of "abusive acts and practices."

The new "Policy Statement on Abusive Acts and Practices," while it is evidently inspired by policy statements that the Federal Trade Commission issued decades ago about unfair and deceptive practices, marks a different chapter in federal regulation of consumer financial markets, say Keith Bradley and David Coats in a April 26, 2023, article for Law360.