Yesterday, the Consumer Financial Protection Bureau announced new guidance, providing a framework for identifying and cracking down on abusive corporate practices. The framework will assist regulators and enforcers in their efforts to protect consumers from corporate abuse. Groundwork Collaborative’s Executive Director Lindsay Owens reacted with the following statement:
“When the Consumer Financial Protection Bureau issues guidance to help regulators hold abusive companies accountable, consumers, of course, stand to benefit. But so do the many honest businesses that no longer have to compete with deceptive, unscrupulous, and exploitative companies that profit off their abusive practices rather than compete on superior performance.”
“This new guidance is a critical step toward fulfilling the promise of the Consumer Financial Protection Act and leveling the playing field for honest businesses and the millions of consumers that rely on them.”