Mulvaney Signals Relaxed UDAAP Enforcement

One of the Consumer Financial Protection Bureau’s more expansive powers is to police unfair, deceptive, or abusive acts and practices (UDAAP). The CFPB’s acting director plans to curb that authority significantly. On April 12, the CFPB’s chief, Mick Mulvaney, testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs as part of the bureau’s semi-annual report to Congress. The most testy exchange, not surprisingly, came with Senator Elizabeth Warren, who berated Mulvaney for supposedly pledging to do more to help banks than consumers. But, among real estate professionals, it was the acting director’s testimony about the bureau’s UDAAP powers that may have raised the most eyebrows. The Dodd-Frank Act gives the CFPB authority to create rules and regulations about unfair, deceptive, or abusive acts and practices for entities falling within the statute’s purview. Dodd-Frank specifically allows the CFPB to…

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