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CFPB enforcement reaches back almost 20 years
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Case Law
Tuesday, August 30, 2016
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The bureau’s $32.25 million order against First National Bank of Omaha isn’t raising eyebrows for its high price tag or the fact that it coordinated its investigation with the Office of the Comptroller of the Currency. The big takeaway in the CFPB’s latest crackdown on credit card add-on products is that it went all the way back to transactions from 1997 — 14 years before the CFPB opened its doors, and well beyond the three-year statute of limitations that applies to the CFPB’s pursuit of alleged violations of the Consumer Financial Protection Act. How is the CFPB avoiding the statute of limitations in this case and others? Read on to find out.
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