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Monday, September 15, 2014

Representative Royce Receives Response from CFPB on Enforcement Actions

The CFPB responded today to Representative Ed Royce’s (R-CA) question- posed as part of the written record accompanying a June 18, 2014 hearing - about the agency’s enforcement actions against marketers of debt protection products. the CFPB declined to provide a position statement on the products themselves, saying they have yet to make one, but suggested that enforcement actions to date were undertaken to prevent “unfair, deceptive, or abusive acts of practices.” The agency went further, saying that it will continue to “evaluate debt protection and other consumer financial products,” to prevent consumers from being subject to illegal acts.

 Congressman Royce was clearly trying to determine if the CFPB would help in the creation of a compliance regime, a request the CFPB has answered by suggesting its enforcement actions constitute the compliance regime.

Read CFPB response.

If you would like to learn more about ABIA's work with CFPB to educate them about the bank-insurance industry or join our CFPB Task Force, please contact us and visit our website.