July 29, 2013

On July 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued two bulletins that directly affect consumer lenders and creditors who are subject to the Dodd-Frank Act. Bulletin 2013-07 puts creditors on notice that unfair, deceptive or abusive acts or practices (UDAAPs) are a violation of the Dodd-Frank Act. Bulletin 2013-08 instructs creditors not to misrepresent the effects of payments of debt on credit reports, credit scores and creditworthiness.

To read the complete alert, please click here.