News & Analysis as of

Unfair or Deceptive Trade Practices Abusive Acts Financial Services Industry

WilmerHale

New York Legislature Passes FAIR Business Practices Act

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As federal consumer protection enforcement has recently taken a sharp turn towards less regulation and enforcement, states continue efforts to fill the gap left by the federal pullback. ...more

Troutman Pepper Locke

Proposed New York FAIR Business Practices Act Aims to Expand Consumer Protections Against Unfair, Deceptive, or Abusive Practices

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On March 13, New York State introduced proposed legislation titled the Fostering Affordability and Integrity Through Reasonable Business Practices Act (FAIR Act). The proposed legislation seeks to broaden the scope of...more

McGlinchey Stafford

Abusive Practices: CFPB Policy Statement Murky at Best

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On April 3, the Consumer Financial Protection Bureau published a policy statement on abusive practices. As readers know, the bureau has authority to supervise and enforce acts and practices that are unfair, deceptive or...more

Cooley LLP

CFPB Issues Policy Statement on CFPA’s Prohibition on ‘Abusive’ Conduct

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On April 3, 2023, the Consumer Financial Protection Bureau released a policy statement articulating a new framework for analyzing conduct that it considers “abusive” in violation of federal law. The CFPB until now has...more

Akerman LLP

CFPB Issues New Policy Statement on Abusive Acts or Practices

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On April 3rd, the Consumer Financial Protection Bureau issued a new Policy Statement ("Policy") providing an analytical framework to identify "abusive" conduct. This is the second time the CFPB has issued a Policy Statement...more

Seyfarth Shaw LLP

CFPB Publishes New Policy Statement on Abusive Acts and Practices

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On April 3, 2023, the CFPB published a new official statement of policy on the authority that Congress passed in the Consumer Financial Protection Act of 2010 (“CFPA”), codified at 12 U.S.C. § 5536(a)(1)(B), banning “abusive...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 19, 2022)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Goodwin

CFPB Launches New Initiative Focused on Rural Communities

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In This Issue. The Consumer Financial Protection Bureau (CFPB) announced a new initiative focused on financial issues faced by rural communities and also updated its examination procedures to cover unfair discrimination; the...more

Goodwin

CFPB Revokes 2020 Statement of Policy Regarding Prohibition on Abusive Acts or Practices

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In this Issue. The Consumer Financial Protection Bureau (CFPB) announced the rescission of its 2020 Statement of Policy Regarding Prohibition on Abusive Acts or Practices, possibly signaling an increase in enforcement...more

Morgan Lewis - All Things FinReg

Elections Have Consequences: Biden’s CFPB Leadership Rescinds Previous Administration Self-Fencing of Enforcement Authority

The Consumer Financial Protection Bureau (CFPB or Bureau) issued a Statement of Policy (Statement) on March 8 making it clear that going forward it will exercise its full authority to penalize covered persons found to have...more

Troutman Pepper Locke

CFPB Rescinds Trump-Era Guidance Regarding “Abusive Acts and Practices” Standard

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On March 11, the Consumer Financial Protection Bureau (CFPB) announced that it is rescinding a January 2020 policy statement that limited the “abusive acts and practices” standard created by the 2010 Dodd-Frank Act. By...more

Kelley Drye & Warren LLP

CFPB Rescinds “Abusive” Policy Statement, Signaling Broader and More Aggressive View of “Abusive” Authority

In a significant but unsurprising move, the CFPB announced today that it was rescinding a policy statement issued in January 2020 that sought to tether the Bureau’s “abusive” authority to certain limiting principles. The...more

Ballard Spahr LLP

CFPB Rescinds 2020 Policy Statement On Abusive Acts Or Practices

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The CFPB announced yesterday that it is rescinding its January 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.”  The rescission is effective on the date the CFPB’s notice of the...more

Ballard Spahr LLP

CFPB announces proposed consent order with companies alleged to have collected loans void under state law

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The CFPB announced that it has entered into a proposed consent order with Think Finance and six subsidiaries (collectively, the “Think Entities’) to settle the Bureau’s lawsuit filed in November 2017 that alleged the Think...more

ArentFox Schiff

What Loan Servicers Must Know: How the CFPB’s 2020 Policy Statement on ‘Abusiveness’ Jibes with its Positions in Enforcement Cases

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The Consumer Financial Protection Bureau (the Bureau) recently issued an official policy statement (Policy) that illuminates how the Bureau will apply the Dodd-Frank Wall Street Reform and Consumer Protection Act’s...more

Smith Debnam Narron Drake Saintsing & Myers,...

Bureau Sheds Light on its Abusive Acts or Practices Standard in New Statement of Policy

The CFPB has issued a Statement of Policy which seeks to “convey and foster greater certainty above the meaning of abusiveness” and provide a framework for its exercise of supervisory and enforcement authority as to abusive...more

Bradley Arant Boult Cummings LLP

CFPB’s New Policy on Abusive Practices Promises a “Common Sense” Approach to Enforcement

Last week, the CFPB released a long-anticipated policy statement clarifying the agency’s enforcement standard for “abusive acts or practices.” According to an agency press release, the CFPB’s new standard offers a...more

Morgan Lewis

CFPB Issues Long-Anticipated Framework for ‘Abusive’ Acts and Practices Supervision and Enforcement

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In an effort to promote compliance and certainty, the Consumer Financial Protection Bureau (CFPB or Bureau) on January 24 issued an often promised and much anticipated policy statement regarding how it intends to apply the...more

Ballard Spahr LLP

CFPB issues policy statement on abusiveness standard

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The CFPB has issued a policy statement to clarify the Dodd-Frank Act’s abusiveness standard.  The policy statement, which is applicable as of January 24, 2020, states that it describes “certain aspects of how [the Bureau]...more

Ballard Spahr LLP

NYDFS announces creation of new Consumer Protection Task Force

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The New York Department of Financial Services has announced the creation of a new Consumer Protection Task Force within the NYDFS. ...more

Ballard Spahr LLP

CA and NY governors propose expansion of state consumer financial protection regimes

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The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator.  Both governors have framed their proposals as a response to what they...more

Hinshaw & Culbertson LLP

Regulatory Insights: CFPB Symposia Series - CFPB Contemplates Taking Action to Further Define "Abusive" Prong of UDAAP

On June 25, 2019, the Consumer Financial Protection Bureau (Bureau) hosted the first in a series of scheduled symposia, which explore the Dodd-Frank Act's prohibition on abusive acts or practices. Whether "abusive" requires...more

Ballard Spahr LLP

CFPB enters into settlement with funder of ITT private student loans

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A new (and perhaps final) chapter was added to the tale of ITT Educational Services, Inc. last week with the CFPB’s announcement that it had settled the lawsuit it filed against Student CU Connect CUSO, LLC (CU Connect), a...more

Ballard Spahr LLP

CFPB to hold June 25 symposium on abusive acts or practices

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Having announced in April 2018 that it would be holding a symposia series, the CFPB has now set a date for the first symposium of the series.  The first symposium, to be held on June 25, 2019, will focus on the Dodd-Frank...more

Ballard Spahr LLP

CFPB announces consent order with small-dollar lender

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The CFPB announced that it has entered into a consent order with Cash Express, LLC to settle charges that the company engaged in deceptive and abusive acts or practices in violation of the Consumer Financial Protection Act...more

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