CFPB signals aggressive stance on abuse by pulling on Trump-era policy statement

United States: CFPB signals aggressive stance on abuse by withdrawing Trump-era policy statement

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Nancy Thomas spoke to S&P Global Market Intelligence about the Bureau of Consumer Financial Protection reversing a Trump-era policy statement signaling a return to stronger and more frequent crackdowns on abuse.

According to Nancy, financial institutions don’t know when they might face abuse complaints.

“The office did not clear a separate space for what the abuse means,” she said. “The industry wants guardrails and guidance. To try to get that guidance from law enforcement, regulated entities have to read tea leaves.”

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Originally posted by S&P Global Market Intelligence

Due to the generality of this update, the information provided in this document may not be applicable in all situations and should not be implemented without specific legal advice based on particular situations.

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