CFPB Policy Statement on Prohibited Abusive Acts Now Rescinded
The CFPB rescinded its "Statement of Policy Regarding Prohibition on Abusive Acts or Practices," effective March 19, 2021.
As previously covered, the CFPB - under the Trump Administration - adopted this statement of policy in January 2020 to provide "a framework for the Bureau's exercise of its supervisory and enforcement authority to address abusive acts or practices." The Biden Administration withdrew the policy, describing it for failing to provide clarity to regulated entities and being "counterproductive."
Related Articles
-
The CFPB rescinded a "January 2020 Statement of Policy Regarding Prohibition on Abusive Acts or Practices" in supervision and enforcement.
-
In a new policy statement, the CFPB clarified the Dodd-Frank Act "abusiveness standard" for supervision and enforcement.
