CFPB Suits Bring Some Clarity To Its Definition Of 'Abusive'

Law360, New York (August 21, 2015, 7:29 PM EDT) -- Banks and other market participants have struggled to understand how the Consumer Financial Protection Bureau defines "abusive" conduct, but a series of enforcement actions has shown that the bureau intends to go beyond the terms of a loan contract to wield its broad and unique power.

Prior to the creation of the CFPB, financial regulators were given the authority to challenge financial firms’ product offerings based on a standard known as unfair or deceptive acts or practices, or UDAP. The 2010 Dodd-Frank Act gave the CFPB an extra “A” to brandish in its enforcement actions, and the new “A” in UDAAP...

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