Industry experts generally agree that Section 1031 of the Dodd-Frank Act does not sufficiently define abusive acts or practices.
But two panels of experts at the Consumer Financial Protection Bureau’s (CFPB) first symposium differed on whether it’s necessary for an ‘abusive’ rulemaking to clearly define the word for regulators and businesses in enforcement actions.
Read on for remarks from CFPB Director Kathy Kraninger and panelists on both sides of the issue.
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