The Consumer Financial Protection Bureau has finally offered a clarification of the ‘abusive’ standard laid out in the Dodd-Frank Act nearly a decade after its passage. The CFPB said it would focus on citing or challenging conduct as abusive in supervision and enforcement matters only when “the harm to consumers outweighs the benefit.”
William MacLeod, a partner at Kelley Drye & Warren, LLP, will join the previously announced slate of members of the taskforce on federal consumer financial law at the Consumer Financial Protection Bureau.
The Consumer Financial Protection Bureau filed suit against several companies and individuals involved in offering student loan debt-relief services for allegedly obtaining consumer reports illegally, charging unlawful advance fees, and engaging in deceptive conduct.
Marketing credit cards to college students is on the decline, according to a recent report from the Consumer Financial Protection Bureau.