CFPB’s Statement of Policy Regarding Prohibition on Abusive Acts of Practices

On January 27, 2020, the CFPB issued a Policy Statement to provide more clarity about how it intends to approach its use of the “abusiveness” standard in its supervision and enforcement matters going forward.

The Policy Statement is intended to provide information regarding the CFPB’s general plans to exercise its discretion and does not impose any legal requirements on external parties, nor does it create or confer any substantive rights on external parties that could be enforceable in any administrative or civil proceeding. In addition, the Policy Statement does not impose any new or revise any existing record-keeping, reporting, or disclosure requirements on covered entities.