CFPB's 'Abusiveness' Policy Seen As Missed Opportunity

Law360 (January 28, 2020, 11:17 PM EST) -- The Consumer Financial Protection Bureau is out with a new policy addressing its authority to police abusive conduct by banks and other financial companies after repeated calls for clarity from industry, but the reaction from some parts of the financial services legal world has been a collective shrug.

Issued Friday, the CFPB's policy statement was pitched as a response to perceived uncertainty surrounding its standard for what constitutes an abusive act or practice, a type of misconduct that the Dodd-Frank Act gave the agency novel authority to combat in the financial services industry.

The statement outlines several ways the CFPB pledged...

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