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Partner Joe Lynyak Comments on Ambiguous CFPB Rules Regarding 'Abusive' Practices
As mentioned in: Law360July 16, 2012
As part of the Dodd-Frank reform process, lawmakers are increasingly interested in pursuing companies engaging in abusive, unfair and deceptive practices. As a result, many companies are concerned with which sales and marketing practices and product designs the evolving Consumer Financial Protection Bureau views as abusive. The CFPB will soon release rules that banks and other consumer finance entities are hoping will provide some clarity over what constitutes an abusive practice; however, many in the legal field see this as something of a pipe dream.
"While groups have been calling for clarity, a lack thereof may be what the CFPB is seeking," said Pillsbury finance partner Joe Lynyak. "Not having a firm stance on abusiveness gives the CFPB one key weapon in its arsenal; keeping things ambiguous gives you a lot of flexibility."
