CFPB Gets Specific on “Abusiveness”
The prohibition of "abusive" acts or practices has long be a fuzzy hallmark of Dodd-Frank, where no one was quite sure what was abusive until somebody got hit with an enforcement action. The CFPB is seeking to de-fuzzify it by applying the principles of 1) focusing on those acts where the harm to consumers outweighs the benefits, 2) avoiding dual pleading of "abusive" and "unfair," and 3) only seeking monetary relief when there has been a lack of a good faith effort to comply with the law. [1/24/20]
