Publications & Presentations
March 22, 2021

CFPB Rescinds Policy on Identifying Abusive Acts or Practices

Author, ARM Compliance Digest

The Consumer Financial Protection Bureau yesterday rescinded restrictions put in place by the previous leadership that established a two-part test to determine whether a company had engaged in abusive acts or practices, saying it intends to “exercise its supervisory and enforcement authority consistent with the full scope of its statutory authority,” which, for companies regulated by the CFPB, is as ominous as it sounds.