News & Press: Newswire

CFPB would lose Powerful Legal Weapon under Republican Plan

Friday, March 3, 2017   (0 Comments)
Posted by: Stephanie Cowart
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The Consumer Financial Protection Bureau may lose some of its enforcement powers due to a Republican proposal that is expected to be released in the coming weeks. The new version of the bill would cause the CFPB to lose its authority to target practices whose behaviors are considered unfair, deceptive or abusive. This would also impact the UDAAP (Unfair, Deceptive, or Abuse Acts or Practices) by revoking their authority. The CFPB has relied on its UDAAP authority far more than any other regulators and the UDAAP claims to have figured in 122 various complaints.  

 

Read the Washington Post article here




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