WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) released a new policy statement defining abusive conduct in consumer financial markets and summarizing supporting precedents. In response, Demand Progress Communications Director Maria Langholz issued the following statement:
“By clarifying that ‘abusive acts’ include interfering with Americans’ ability to understand the terms and conditions of a service, and unreasonably capitalizing on this misunderstanding, it will be easier to take action against those who exploit consumers. We commend this move from the CFPB which continues in the agency’s tradition of prioritizing the American people before corporate interests.”