The Consumer Financial Protection Bureau (CFPB) is rescinding its policy statement prohibiting abusive acts or practices.
The 2020 “Statement of Policy Regarding Prohibition on Abusive Acts or Practices” was inconsistent with the bureau’s duty to enforce Congress’s standard and rescinding it will better serve the CFPB’s objective to protect consumers from abusive practices, as well as companies who comply with the law, the agency announced.
Read on for details from the bureau.
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