Tag: UDAP

  • CFPB Details “Abusive” in Policy Statement and Speech

    Posted by

    Dalie Jimenez

    In a few hours, I'll have the pleasure of hosting CFPB Director Rohit Chopra for a virtual talk at UCI Law (today at 12pm PDT, 3pm PDT). You can still join us by registering for the Zoom link here.

    Director Chopra will be discussing the new policy statement on the CFPB's "abusive" authority that the Bureau issued a few minutes ago. The statement "summarizes precedent and establishes a framework to help federal and state enforcers identify when companies engage in abusive conduct."

    The full policy statement is available here and will be published in the Federal Register with a 90-day comment period that closes on July 3. I imagine we might be talking more about it and its implications here on CreditSlips in the coming days.

    Cfpbtalk

  • Proposed Fed/OTS/NCUA Credit Card Regulations

    Posted by

    Adam Levitin

    [Updated  5.4.08.  Updated language, largely comparing Regs to pending legislation, is in brackets.]

    This afternoon, the Federal Reserve, Office of Thrift Supervision, and National Credit Union Administration unveiled a set of new, proposed unfair and deceptive practices (UDAP) rules under section 5(a) of the Federal Trade Commission Act.  A copy is available here.  Other materials are here.  It’s not light reading–269 pages. 

    Some of the proposed rules are quite favorable for consumer interests.  Others do not go far enough, however, and perhaps most importantly, there are several major issues that the proposed rules simply do not address. From an initial perusal, the gist of the rules (and what’s missing) seems to be as follows (below the break):

    (more…)