On Monday, Acting Director Mick Mulvaney of the Bureau of Consumer Financial Protection Bureau (BCFP or Bureau) made remarks at the Mortgage Bankers Association’s annual conference indicating that the Bureau intends to engage in rulemaking to define the term “abusive” in unfair, deceptive or abusive acts or practices (UDAAP).
Mulvaney mentioned that the terms “unfair” and “deceptive” are well-defined in the law, but that the term “abusive” remains unclear after it was added by the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. Mulvaney stated that “regulation by enforcement is done.” Mulvaney acknowledged that he does not have authority to repeal the laws, but he does believe that companies “have a right to know what the law is.”
insideARM Perspective
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