Commentary: CFPB leaves industry guessing on UDAAP

11/19/2012 | Thomson Reuters

President Barack Obama's re-election means the Consumer Financial Protection Bureau will continue to enforce what it considers unfair, deceptive, or abusive acts or practices without clearly defining UDAAP terms, write attorneys Martin Bishop and Rebecca Hanson. They outline the CFPB's actions against three companies and write that the "consumer financial services industry is left to guess about whether the products they offer -- and more importantly, how those products are offered -- are in compliance with the Bureau's expectations."

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