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ARTICLE · 13 APRIL 2023

CFPB Issues Policy Statement On Abusive Acts Or Practices

Frankfurt Kurnit Klein & Selz PC
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The Consumer Financial Protection Bureau just issued a Policy Statement on Abusive Acts or Practices, which sets forth the CFPB's views about what types of practices violate the Consumer Financial Protection Act of 2010's prohibition of "abusive" conduct.

United StatesConsumer Protection
Jeffrey Greenbaum
Jeffrey Greenbaum
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The Consumer Financial Protection Bureau just issued a Policy Statement on Abusive Acts or Practices, which sets forth the CFPB's views about what types of practices violate the Consumer Financial Protection Act of 2010's prohibition of "abusive" conduct.

As part of the release of the Policy Statement, CFPB Director Rohit Chopra said, "The CFPB issued today's guidance to provide an analytical framework to help federal and state agencies hold companies accountable when they violate the law and take advantage of families."

Similar to the FTC's policy statements from decades ago on unfair and deceptive practices, the CFPB's new Policy Statement provides important, detailed (and what will surely be influential) guidance from the agency about abusive practices, and is really a must-read for anyone working on marketing for banks, lenders, and others that are subject to the CFPB's authority. (The guidance doesn't cover CFPB's views on its own authority related to unfair

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This post first appeared in Frankfurt Kurnit's Focus on the Data blog (www.focusonthedata.com). It provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

Originally published by the New York Legal Ethics Reporter

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

www.fkks.com

This alert provides general coverage of its subject area. We provide it with the understanding that Frankfurt Kurnit Klein & Selz is not engaged herein in rendering legal advice, and shall not be liable for any damages resulting from any error, inaccuracy, or omission. Our attorneys practice law only in jurisdictions in which they are properly authorized to do so. We do not seek to represent clients in other jurisdictions.

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