CFPB's Definition Of Abusive Practices Remains Elusive

Law360, New York (July 5, 2012, 8:52 PM EDT) -- With the Consumer Financial Protection Bureau set to release new mortgage rules in the coming weeks, the banking industry and other sectors of the consumer finance market that were hoping for some clarity on what constitutes an abusive practice will likely be out of luck.

Even as lawmakers debated the creation of the CFPB while putting together the Dodd-Frank Act's financial sector reforms, one of the key sticking points was the agency's new charge to go after companies that engaged in abusive practices, as well as...
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