Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra warned consumer finance companies that he will be expanding the bureau’s anti-discrimination efforts “to combat discriminatory practices across the board in consumer finance.”
Under the Dodd-Frank Act, it is unlawful for providers of consumer financial products or services to engage in any unfair, deceptive, or abusive act or practice (UDAAP). The Act also provides the CFPB with supervisory and enforcement authority to detect and prevent UDAAPs in connection with any consumer financial product or service.
Continue Reading CFPB Announces Expanded Anti-Discrimination Efforts Through UDAAP