Will CFPB Adopt A More Nuanced Approach To Remedies?
By Ori Lev (January 24, 2018, 10:50 AM EST) -- In a decision expressly based on the novelty of the legal claims brought by the Consumer Financial Protection Bureau, a federal district court has rejected the CFPB's broad demand for consumer restitution and civil money penalties in a case that has already produced several important rulings. The case represents the second time that a federal district judge has rejected the CFPB's expansive view of remedies following a bench trial. The CFPB's loss suggests that parties willing to litigate against the CFPB may achieve success even if they lose on the merits, as courts appear reluctant to award the robust remedies the CFPB typically demands, particularly in cases where the CFPB's claims do not sound in fraud or are based on novel legal theories....
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