Search Results: Dodd-Frank

CFPB Issues Much Anticipated Guidance Regarding Abusive Acts or Practices


On January 24, 2020, the Consumer Financial Protection Bureau (CFPB) issued a policy statement setting forth guidelines on how it intends to enforce the “abusiveness” standard under the Dodd-Frank Act.  Section 103(a) of the Dodd-Frank Act authorizes the CFPB to bring enforcement actions against “covered persons” engaged in unfair, deceptive,…

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Financial CHOICE Act Passes Committee

On May 4, 2017, the U.S. House of Representatives Financial Services Committee passed the Financial CHOICE Act, H.R. 10, with a 34-to-26 vote down party lines.  The legislation, co-sponsored by Chairman Jeb Hensarling (R-TX), seeks to overhaul the 2010 Dodd-Frank Act, including restructuring the Consumer Financial Protection Bureau (CFPB).  LenderLaw…

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CFPB Signals Interest in Regulating the Use of Consumer Financial Data

The Consumer Financial Protection Bureau’s (CFPB) recently-released Request for Information Regarding Consumer Access to Financial Records (RFI) suggests that the agency is considering making a new rule to set requirements and protections for the use of consumers’ financial information.  In publishing the RFI, the CFPB notes that the Dodd-Frank Act “provides…

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Federal Trade Commission Issues Report to the Consumer Financial Protection Bureau of its Enforcement of the Fair Debt Collection Practices Act

On February 12, 2016, the Federal Trade Commission (FTC) issued a report to the Consumer Financial Protection Bureau regarding its efforts to implement the Fair Debt Collection Practices Act.  The full report can be reviewed here. According to the report, in 2015, the Commission: coordinated the first federal-state-local enforcement initiative targeting deceptive…

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CFPB Finds Arbitration Agreements Limit Consumer Redress

On March 10, 2015, the Consumer Financial Protection Bureau (CFPB) released its Arbitration Study, which concludes that arbitration agreements in contracts associated with consumer financial products constrain consumers’ ability to assert their rights if a dispute arises.  The study, which the CFPB was directed to carry out under Section 1028(a)…

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