Rectifying UDAAP Act

This bill limits the power of the Consumer Financial Protection Bureau (CFPB) to go after financial companies for practices it considers "abusive." It says the CFPB cannot count discrimination as an abusive practice and changes the definition of what counts as abusive, including requiring that a company intentionally interfered with a consumer's understanding of a product's terms. The bill also stops the CFPB from making companies pay money if those companies can show they were genuinely trying to follow the rules, and it gives companies a chance to fix violations if they report the problems themselves. Additionally, the CFPB would be required to do a cost-benefit analysis before making new rules about unfair, deceptive, or abusive practices.

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