The CFPB's Powers Continue to Expand; UDAAP is Still a Potential Black Hole for Consumer Financial Services Companies

Partner Martin Bishop said the Consumer Financial Protection Bureau now oversees and regulates most consumer financial products and services under federal law in an article that summarizes the agency’s development and expanding regulatory powers. Despite this expansion, Bishop points out that the Bureau has yet to issue any regulations on unfair, deceptive, or abusive acts or practices, adding that the lack of guidance may negatively affect seemingly legitimate consumer financial service companies.