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.

The full report is available to retainer clients. To find out how you can sign up for the service, click here.