Month: March 2021
CFPB Rescinds “Abusive” Policy Foreshadowing More Aggressive Enforcement
By Richard B. Newman |
The Consumer Financial Protection Bureau recently announced its intention to rescind its 2020 “abusive acts and practices” policy statement. The CFPB’s authority to prevent such practices stems from the Dodd-Frank Act, which also created the CFPB. In 2020, the CFPB set forth narrow principles that should be considered when applying its “abusive” authority. The first,…