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Unfair or Deceptive Trade Practices Abusive Acts

Foley & Lardner LLP

Office of the Comptroller of the Currency Updates “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or...

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Financial institutions that are regulated and supervised by the Office of the Comptroller of the Currency (OCC) should know that the OCC has recently updated its booklet on Unfair or Deceptive Acts or Practices (UDAP) and...more

Cozen O'Connor

CFPB Reports “Doom Loops” and Other Harmful Practices in Credit Card Rewards Programs

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The CFPB issued a report detailing the issues faced by consumers regarding credit card rewards programs and reminding credit card industry stakeholders that federal consumer protection laws—including the Consumer Financial...more

Cozen O'Connor

The State AG Report – 11.30.2023

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • FTC Doesn’t Sugarcoat Warning Letters to Social Media...more

Cozen O'Connor

Proposed Expansion of New York’s Business Law Could Have Significant Detrimental Effects

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Businesses operating in New York state should be concerned about the potential impact of proposed legislation now under consideration in the New York legislature. The so called Consumer and Small Business Protection Act...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

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

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

McGlinchey Stafford

CFPB: ‘Junk fees’ in auto servicing are unfair, deceptive

McGlinchey Stafford on

Continuing its aggressive push of investigating and regulating so-called junk fees charged by banks and financial companies, the Consumer Financial Protection Bureau (CFPB) recently issued a special edition of its Supervisory...more

Seyfarth Shaw LLP

CFPB Publishes New Policy Statement on Abusive Acts and Practices

Seyfarth Shaw LLP on

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

Orrick, Herrington & Sutcliffe LLP

CFPB and New York say auto lender misled consumers

On January 4, the CFPB and New York attorney general filed a complaint against a Michigan-based auto finance company accused of allegedly misrepresenting the cost of credit and deceiving low-income consumers into taking out...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

Cozen O'Connor

Student Loan Servicer Agrees to Cancel $1.7 Billion of Subprime Student Debt, Pay $95 Million in Restitution over Allegations of...

Cozen O'Connor on

A bipartisan group of 40 AGs, led by California, Illinois, Massachusetts, Pennsylvania, and Washington, reached a settlement with student loan servicer Navient Corporation and related entities (collectively, “Navient”) to...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

Troutman Pepper Locke on

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

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