CFPB rescinds disappointing abusiveness policy statement

by Jeff Sovern

Last year we blogged about the CFPB's disappointing abusiveness policy statement. But things are different this year and the Bureau has wisely rescinded the Policy Statement, saying that it "was inconsistent with the Bureau’s duty to enforce Congress’s standard and rescinding it will better serve the CFPB’s objective to protect consumers from abusive practices . . . [and that] the Policy Statement undermined deterrence and was contrary to the CFPB’s mission of protecting consumers."

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