2023-2024 Tax Planning Guide
Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
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On Jan. 24, 2020, the Consumer Financial Protection Bureau (CFPB) issued a new policy on unfair, deceptive, or abusive acts or practices (UDAAP). Specifically, the 17-page Statement of Policy Regarding Prohibition on Abusive Acts or Practices focuses on application of the “abusive” standard under UDAAP. There is a tremendous amount of confusion in the industry as to what constitutes abusiveness and the CFPB recognizes this. The CFPB has brought up 32 enforcement actions based on claims of abusiveness. The CFPB intends the policy statement to provide some measure of clarity going forward in terms of both UDAAP supervision and enforcement. There are three principles the CFPB stated they will follow going forward:
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