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Dodd-Frank Wall Street Reform and Consumer Protection Act Abusive Acts

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Troutman Pepper

CFPB Warns Digital Comparison-Shopping Operators and Lead Generators That Steering Consumers Could Violate the CFPA, But Fails to...

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Can digital comparison-shopping operators or lead generators violate the Consumer Financial Protection Act (CFPA) by preferencing products or services based on financial benefit? According to today’s guidance issued by the...more

Eversheds Sutherland (US) LLP

CFPB issues policy statement on abusiveness with a focus on digital interaction

On April 3, the CFPB issued a policy statement intended to provide “a framework to help federal and state enforcers identify when companies engage in abusive conduct.” Conduct violates the abusiveness standard when it either:...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

Troutman Pepper

CFPB Squeezes SettleIt for $1.4 Million, Citing “Abusive” Practices

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The Consumer Financial Protection Bureau (CFPB) and SettleIt, Inc., an online debt-settlement company, have agreed to settle “abusiveness” claims for $1.4 million....more

Nutter McClennen & Fish LLP

Nutter Bank Report: March 2021

Federal Reserve Issues New Guidance on Managing the LIBOR Transition - The Federal Reserve has issued guidance on how examiners will assess a banking organization’s progress in preparing to transition to a replacement rate...more

Seyfarth Shaw LLP

CFPB Wastes No Time Shifting Focus to Consumer Protection by Rescinding Trump-Era Policy Statement on Abusive Acts and Practices

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The Consumer Financial Protection Bureau (CFPB or Bureau) announced on March 11, 2021 that it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices” (2020...more

Manatt, Phelps & Phillips, LLP

Is the CFPB’s Rescission of ‘Abusiveness’ Policy Statement Bad for Both Industry and Consumers?

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) just reversed course on the standard for abusive practices established under prior CFPB leadership. In this short report, we refresh you on the prior formal...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

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

ArentFox Schiff

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

ArentFox Schiff on

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

Goodwin

Financial Services Weekly News: Regulators Propose Easing Volcker Rule Restrictions

Goodwin on

In This Issue. Federal financial regulators brought January to an impactful conclusion last week. On the morning of January 30, five federal financial regulators issued a proposed rule that would fundamentally modify the...more

Manatt, Phelps & Phillips, LLP

Savior or Saboteur? The CFPB’s Kraninger Maintains Her Independent Streak

Or perhaps savant? As the Consumer Financial Protection Bureau (CFPB or Bureau) prepares for the most significant challenge to its existence, Director Kathy Kraninger maintained her independent streak this past week, refusing...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

Morgan Lewis on

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

Hudson Cook, LLP

So, What is Abusive Anyway?

Hudson Cook, LLP on

In mid-April, CFPB Director Kathleen Kraninger announced a symposia series aimed at facilitating a dialogue between the Bureau, consumers, and industry on CFPB policymaking. On June 25, 2019, the Bureau held its first...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 to hold June 25 symposium on abusive acts or practices

Ballard Spahr LLP on

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

The CFPB’s proposed “abusive” rulemaking: much ado about nothing?

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In its blog post announcing the Fall 2018 Rulemaking Agenda, the CFPB announced that it is “considering how rulemaking may be helpful to further clarify the meaning of ‘abusiveness’ under the section 1031 of the Dodd-Frank...more

Ballard Spahr LLP

CFPB Fall 2018 rulemaking agenda confirms plans to consider rulemaking on “abusiveness” standard

Ballard Spahr LLP on

The CFPB’s Fall 2018 rulemaking agenda has been published by the Office of Information and Regulatory Affairs (OIRA) as part of its Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions.  (OIRA is part of...more

Ballard Spahr LLP

Update on CFPB/NY AG lawsuit against RD Legal Funding

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RD Legal Funding, LLC is seeking to dismiss the lawsuit filed against it, two of its affiliates, and their individual principal in February 2017 by the CFPB and the New York Attorney General in a NY federal district court...more

Williams Mullen

The CFPB’s Abusiveness Claim Against Nationwide: If an Interest Minimizer Program is Abusive, What About a Refinancing?

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The crux of the CFPB’s “abusive act or practice” claim[1] against Nationwide Biweekly Administration, Inc. (“Nationwide”) is that its customers do not understand how long they must remain in the company’s Interest Minimizer...more

Troutman Pepper

CFPB Using its Enforcement Powers Yet Again for UDAAP Violations, This Time Against PayPal

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Even after the PayPal settlement, the definition of “abusive” remains as subjective and fact specific as ever. On May 19, PayPal agreed to a $25 million settlement with the Consumer Financial Protection Bureau (CFPB or...more

Stinson - Corporate & Securities Law Blog

CFPB Finalizes Rules to Regulate Nonbank Auto Lenders

The CFPB adopted a final that allows the agency to supervise larger nonbank auto finance companies for the first time. The CFPB also released the examination procedures that its examiners will use. Currently, the Bureau...more

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