The CFPB rescinded its "Statement of Policy Regarding Prohibition on Abusive Acts or Practices," effective March 19, 2021.
As previously covered, the CFPB - under the Trump Administration - adopted this statement of policy in January 2020 to provide "a framework for the Bureau's exercise of its supervisory and enforcement authority to address abusive acts or practices." The Biden Administration withdrew the policy, describing it for failing to provide clarity to regulated entities and being "counterproductive."
Primary Sources
- Federal Register: Statement of Policy Regarding Prohibition on Abusive Acts or Practices; Rescission
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
