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CFPB looking to clearly define 'abusive' practices under Dodd-Frank Act

The Consumer Financial Protection Bureau wants to clearly define what is "abusive" under the Unfair, Deceptive or Abusive Acts or Practices, or UDAAP, The Wall Street Journal reported Oct. 15.

Speaking at a conference, CFPB Acting Director Mick Mulvaney said actions that are "unfair" and "deceptive" were clearly defined under the policy, but "abusive" actions were not "nearly as well established," the publication wrote.

Mulvaney said the bureau intends to remove uncertainties on what actions are abusive but not unfair nor deceptive, according to the report.

The CFPB has relied on the UDAAP in a number of enforcement actions in the past. In April, Mulvaney said he hoped Congress would clarify the term in new legislation.