The Consumer Financial Protection Bureau’s (CFPB) more lenient approach to enforcement under acting director Mick Mulvaney, compared with that of former Director Richard Cordray, has been called out by critics but a recent settlement with a small-dollar lender presented something new for the Mulvaney-run bureau.
What is noteworthy about it consent order against Cash Express LLC is the fact that, for the first time under Mulvaney, the bureau cited an action as “abusive” when invoking its UDAAP authority.
Learn more details about what practices the bureau determined to be abusive and deceptive, respectively, per the consent order, and what restitution the company is liable to pay.