The Consumer Financial Protection Bureau appears poised to give companies more information about how it uses its unique authority to sue companies for abusive practices.
CFPB Director Kathleen Kraninger said at a June 25 symposium that the bureau’s power to bring claims of abusiveness along with traditional unfairness and deception claims has resulted in confusion in the marketplace. She indicated that the CFPB is likely to consider guidance or even a rule that would provide a more firm definition of what constitutes an abusive act or practice.
“We have heard from some stakeholders that there is uncertainty about abusiveness parameters,...
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(Updates with information from the CFPB symposium throughout)