CFPB Abusiveness Claims Aren't Dead Yet

Law360 (October 9, 2019, 2:22 PM EDT) -- Many thought that with former Director Richard Cordray’s resignation, the Consumer Financial Protection Bureau would stop using its abusiveness authority in enforcement actions. After all, claims of abusiveness were the epitome of what critics derided as regulation by enforcement, as abusiveness was a new concept whose contours were not well defined. While that has largely proven true, there have been some exceptions. 

Last October, under then-Acting Director Mick Mulvaney, the CFPB issued a consent order against a payday lender that also offered check-cashing services, which contained a single claim of abusiveness. That claim was based on the entity’s practice, when providing...

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