CFPB Tightens Approach To Abusiveness With New Policy

Eric Mogilnicki is quoted in Law360 regarding the CFPB’s new policy of restraint in bringing enforcement actions against financial services providers for abusive acts and practices. Mr. Mogilnicki says, “It is a helpful guide for how the bureau will enforce the abusiveness prohibition. However, this guide is not rooted in the language of the statute, which means that courts and future bureau leaders will have additional opportunities to define the abusiveness standard.”