CFPB Pushes Bounds On Using Enforcement As Guidance

Law360, New York (March 11, 2016, 10:11 PM EST) -- Bankers and others in the industry have said the Consumer Financial Protection Bureau’s use of enforcement actions to influence market practices is unprecedented and potentially unfair, but the bureau’s tactic is an aggressive extension of the way other regulators use enforcement actions.

The U.S. Securities and Exchange Commission and the Federal Trade Commission, among others, have long used enforcement actions to help guide industry practices without going through the formal rule-writing process, complete with the notice and comment period. However, despite those similarities, the CFPB has been quicker to go the enforcement route and has taken a broader view of the...

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