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The CFPB ( Bureau ) rescinded its January 2020
Statement of Policy Regarding Prohibition on Abusive Acts or
Practices in supervision and enforcement.
The policy provided a framework for the Bureau s
exercise of its supervisory and enforcement authority to address
abusive acts or practices. (See related coverage.) The Bureau determined that
the policy fails to provide clarity to regulated entities and is counterproductive.
The Bureau gave the following reasons, among others, for
rescinding the policy:
declining to seek civil money penalties and disgorgement runs
contrary to the CFPB s current priority of achieving deterrence
CFPB Rescinds 2020 Policy Statement On Abusive Acts Or Practices | Ballard Spahr LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.