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MONTH-IN-BRIEF (Jun 2019)

Consumer Finance

CFPB June 25 Symposium on Abusive Acts or Practices

By Barbara S. Mishkin, Ballard Spahr LLP

On June 25, 2019, the CFPB held its first symposium, which focused on the Dodd-Frank Act’s prohibition of abusive acts or practices, specifically the meaning of abusiveness.  The panelists’ written statements are available here.

The Dodd-Frank Act does not authorize state attorneys general to bring claims against national banks or federal savings associations to directly enforce Dodd-Frank’s UDAAP provisions.  However, under Section 1042(a)(2) of Dodd-Frank, a state attorney general can bring claims against national banks or federal savings associations “to enforce a regulation prescribed by the Bureau under a provision of [Title 10].”  Thus, this enforcement authority would presumably be triggered if the Bureau were to adopt a rule regarding what is an “abusive act or practice” under Section 1031 of Dodd-Frank.

Payday Rule Delay Published in Federal Register

By Eric Mogilnicki and Sam Adriance, Covington & Burling LLP

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