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Financial regualtions.

Credit union trade groups, longtime critics of the CFPB’s vague power to police financial industry “abusive” practices say they’re pleased the agency is going to take steps to define what those practices are.

Under the Dodd-Frank Act, the CFPB has the power to take action when it finds evidence of Unfair, Deceptive or Abusive Acts or Practices. Federal law long has allowed agencies to take action when they find unfair or deceptive practices. However, Dodd-Frank expanded that to include abusive acts or practices.

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David Baumann


Credit Union Times

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