CFPB headquarters. (Source: Shutterstock)
Credit union trade groups credited the CFPB for its release Monday of a policy statement designed to clarify how it would enforce Congress' prohibition of businesses using "abusive practices" to gain advantage of consumers.
The mandate is part of the 2010 Dodd-Frank Act. While its prohibitions against "deceptive" and "unfair" practices had existed under previous laws and had a long history of enforcement precedents, the prohibition against "abusive practices" was new.
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