The Consumer Relations Consortium (CRC) has asked the California Department of Financial Protection and Innovation (DFPI) to remove language from the most recent iteration of its complaints and inquiries regulation to avoid creating personal liability for employees of covered entities. The CRC also suggested that to better serve consumers, the DFPI should allow electronic disclosures without an opt-in.
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On April 3, 2023, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) published a broad and wide-ranging Policy Statement on Abusiveness (“Policy Statement”) meant to assist “government enforcers” in identifying and alleging abusive conduct in the marketplace under the Consumer Financial Protection Act of 2010 (CFPA), specifically 12 U.S.C. 5531(d). In doing so, the Bureau foreshadows a policy shift on the Unfair, Deceptive, or Abusive Acts and Practices (UDAAP) front, likely migrating away from the hallmark “Unfairness” and “Deception” elements of this principle in favor of a more nuanced prong titled “Abusiveness,” which will be easier to trigger.
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Please join Troutman Pepper Partner Chris Willis for a solo episode as he discusses new trends in CFPB information gathering, specifically Dodd-Frank Act Section 1022 found in the rulemaking and market monitoring section of the CFPB’s authority. Here, Chris examines how the CFPB can request and require certain information from market participants, noting the significant increase in recent CFPB Section 1022 requests, while also discussing industry implications of this emerging trend.
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