On June 25, the Consumer Financial Protection Bureau will host the first of a series of symposia exploring consumer protections in the financial services industry. This initial symposium will focus on the meaning and scope of “abusiveness” under Section 1031 of the Dodd-Frank Act.
Under the Dodd-Frank Act, the CFPB may take enforcement, supervision, and rulemaking actions regarding unfair, deceptive, or abusive acts and practices (commonly referred to as “UDAAP”). While the terms “unfair” and “deceptive” are fairly well-defined by the Federal Trade Commission, the phrase “abusive acts and practices” is less developed and its meaning unclear.
The goal of the symposium is to address and provide clarity as to the meaning and scope of “abusiveness” under the Dodd-Frank Act through dialogue with academic and industry experts. The program will feature two panels of UDAAP experts – the first panel will include leading academic experts on consumer protection, and the second panel will include leading legal experts on abusiveness in practice in the financial services industry.
As announced in April, the symposia are designed to support the CFPB’s policy development and possible rulemaking on challenging issues such as the meaning of “abusiveness.”
The symposium begins at 9:00 a.m. at the CFPB’s headquarters in Washington. Registration for in-person and livestream attendance may be completed on the CFPB’s website.