February 6, 2020
Partner Michael Benoit comments for Automotive News on CFPB abusiveness clarification
On January 24, the Consumer Financial Protection Bureau (CFPB) issued a policy statement to provide clarification on how it will apply the "abusiveness" standard in supervision and enforcement matters. Automotive News recently reported that by setting reasonable measures for businesses to comply, auto lenders and dealers now have a clear and attainable direction for how to comply, giving them some peace of mind..
Hudson Cook Partner Michael Benoit spoke to Automotive News, agreeing that the term required clarification. "They are trying to put guardrails around it," said Michael.
Michael advises banks, sales finance companies, auto dealers, leasing companies, mortgage lenders, and other creditors and technology providers on a wide range of consumer financial services law, and provides federal legislative and regulatory advice and support to financial services trade associations. His practice includes consumer credit, electronic commerce, privacy, telemarketing, personal property financing and leasing, as well as creditor-based collection practices. He assists CFPB-regulated clients in preparing for supervisory exams, and represents clients in investigation and enforcement matters involving the FTC and the CFPB.
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