The CFPB announced their symposia series to explore consumer protections in today's dynamic financial services marketplace. The first symposium of the series was focused around clarifying the meaning of abusive acts or practices under Section 1031 of the Dodd-Frank Act. The symposium provided a public forum for the Bureau and the public to hear various perspectives on the meaning of abusiveness.
This symposium was the first of a series aimed at stimulating a proactive and transparent dialogue to assist the Bureau in its policy development process, including possible future rulemakings. The Dodd-Frank Act authorizes the Bureau to take enforcement, supervision and rulemaking actions concerning unfair, deceptive, or abusive acts and practices (UDAAP). The meaning of abusiveness is less developed than the meaning of abusive or unfair, which have been defined by the Federal Trade Commission Act. This discussion provided a public forum for the Bureau and the public to hear various perspectives on the meaning of abusiveness.
The first symposium had two panels of UDAAP experts. The first panel included a discussion in the area of Consumer Protection on various policy issues relating to the abusive standard under Dodd-Frank. The second panel examined how the abusive act has been used in practice. The symposium also included remarks by CFPB Director Kathleen L. Kraninger and CFPB Deputy Director Brian Johnson.
"These types of proactive efforts are precisely how the Bureau intends to proceed as it fulfills its important mission of consumer protection—with a commitment to transparent, productive public discourse and with an open mind on how to approach difficult issues."
- Kathleen L. Kraninger, Director, CFPB
"Today’s symposium is a proactive effort as the Bureau fulfills its mission. After all, an important component of consumer protection is combatting unlawful acts or practices by market participants, including and especially those that are discriminatory, deceptive, unfair, or… abusive."
Watch the full video of the symposium here.