The Consumer Financial Protection Bureau will take the next step in its effort to clarify the meaning of “abusive acts or practices” under Section 1031 of the Dodd-Frank Act, CFPB Director Kathy Kraninger said today in her first public remarks. Plans to provide clarity—long sought by ABA and other industry participants—have been signaled for months; Kraninger said the bureau would hold a public symposium in the coming months to solicit stakeholder feedback on the abusive standard, which is much less defined and understood than the unfair or deceptive acts or practices standard.
Kraninger broadly outlined her vision for the bureau under her leadership, emphasizing that “supervision is the heart of this agency.” Kraninger noted that she intends to focus the bureau’s work on the prevention of harm and ensuring the consistent applications of the CFPB’s supervisory tools.