Law360, New York ( February 12, 2015, 5:41 PM EST) -- The Dodd-Frank Act granted the Consumer Financial Protection Bureau the authority to combat "unfair, deceptive, or abusive" practices in the consumer finance industry.[1] "Unfair and deceptive" acts and practices have long been prohibited by the Federal Trade Commission Act, so the legal meaning of those terms is now reasonably clear.[2] But the proscription against "abusive" practices is Dodd-Frank's novel invention. As Director Richard Cordray told Congress, the term is "a little bit of a puzzle." Solving that puzzle is crucial for industry participants, as the CFPB's enforcement authority allows it to seek a broad range of remedies, including civil penalties of up to $1 million per day....
Law360 is on it, so you are, too.
A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.
A Law360 subscription includes features such as
- Daily newsletters
- Expert analysis
- Mobile app
- Advanced search
- Judge information
- Real-time alerts
- 450K+ searchable archived articles
And more!
Experience Law360 today with a free 7-day trial.