The Consumer Financial Protection Bureau at times gives one consumer complaint the weight of 10,000. If an auto lender finds itself under investigation for unfair lending practices, how the lender responds could be key to the probe's outcome, a former CFPB lawyer says.
"The CFPB doesn't care if it's a pattern or practice," attorney Gerald Sachs said last month at Automotive Resource Network's 2015 Automotive Annual Conference in Hollywood, Fla.
Sachs has worked as a senior counsel for enforcement strategy at the CFPB, an attorney for the Federal Trade Commission and an assistant U.S. attorney.
He said he's seen the CFPB call five complaints a UDAAP violation -- short for unfair, deceptive or abusive acts or practices -- and bring a case against the auto lender.