H.R. 6789 — Rectifying UDAAP Act

This bill restricts the Consumer Financial Protection Bureau’s (CFPB’s) authority to deem a financial practice abusive for purposes of enforcement activities. Currently, under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CFPB may take enforcement action against a financial product or service provider in connection with any transaction with a consumer for a consumer financial product or service that is unfair, deceptive, or abusive. Specifically, the bill prohibits the CFPB from including discrimination as an abusive practice. Further, the bill revises what an abusive practice is, including by additionally requiring the act or practice to intentionally interfere with th...