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Monday, May 2, 2016

Luetkemeyer Bill Would Take Away CFPB’s Extra ‘A’ in UDAAP

Rep. Blaine Luetkemeyer (R-Mo.) recently introduced H.R. 5112, the Unfair or Deceptive Acts or Practices Uniformity Act, which would grant the same UDAP enforcement authority to the CFPB that other financial regulators have.

Under the Dodd-Frank Act, the CFPB has authority to take action against “unfair, deceptive or abusive” acts or practices, known as UDAAP. However, the “abusive” standard is not well-defined and invites compliance uncertainty and litigation risk.

Luetkemeyer’s bill would also require the CFPB to comply with requirements applicable to the FTC when it conducts rulemaking relating to UDAPs in the commercial sphere, and to consult with an institution’s primary federal regulator before taking UDAP-related action.

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