Finally tackling one of the most controversial issues in its 2014 enabling statute, the CFPB has issued a policy statement defining when it is likely to consider consumer-finance practices “abusive” subject to supervisory or enforcement action. The agency’s goal with this policy statement is to provide certainty so that financial-service providers do not fear abuse allegations; consumer groups have strongly protested this approach on grounds that the abuse criterion is intended to give the agency grounds for action, not a standard through which to provide the safe harbor established by this policy statement.
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