PYMNTS

SEPTEMBER 25, 2017

Because Equifax is not strictly a financial company, there was uncertainty over whether the CFPB has the power to penalize the firm for the breach. The CFPB and legal experts said the regulator could pursue Equifax under an aspect of the Dodd-Frank Act that bans unfair, deceptive and abusive acts and practices (UDAAP).

CFPB 46

CFPB UDAAP Federal Trade Commission Breach 46

PYMNTS

SEPTEMBER 22, 2017

Plus, there is the CFPB, which is widely believed to be about to lay a punishment down on Equifax using the same powers it has used against Wall Street’s biggest banks. If the companies fail to register, they could be barred from doing business with financial companies regulated by New York State.

UDAAP 46

UDAAP CFPB Federal Trade Commission Breach 46

Payments Source

NOVEMBER 12, 2019

It should offer some form of guidance to spur innovation, a former official with the bureau says.

CFPB 68

CFPB FinTech Innovation UDAAP 68

PYMNTS

JANUARY 27, 2020

To say that 2020 has already started off as a busy year for the Consumer Financial Protection Bureau (CFPB) might be an understatement. In the most recent news late last week, the CFPB said it would change the way it defines and addresses “ abusive ” practices within the financial services arena. In the case, captioned Seila Law LLC v.

CFPB 71

CFPB Consumer Financial Protection Bureau (CFPB) UDAAP Laws 71