CFPB Revives UDAAP “Abusive” Standard Without Policy Guidelines

LexisNexis (June 9, 2021, 9:49 AM EDT) -- The Consumer Financial Protection Bureau (CFPB or Bureau) recently rescinded an earlier Trump-era policy statement effectively dismantling the “abusive” prong of the “unfair, deceptive, or abusive act or practices” prohibition added to the federal consumer protection law by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act or Dodd Frank)....