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Unfair, Deceptive, Abusive Acts or Practices (UDAAP’s) – Compliance for Creditors
August 17, 2016 @ 11:00 am - 12:00 pm
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (DoddFrank Act), all covered persons (This means you) are legally required to refrain from committing unfair, deceptive, or abusive acts or practices. UDAAP’s largely mirror the regulatory verbiage found in the FDCPA and in some cases the Bureau has even gone further than FDCPA guidelines. Of the more than 40 enforcement matters that the CFPB has made public so far, half have alleged violations of the UDAAP provision of the Dodd-Frank Act. These actions resulted in restitution to consumers totaling more than $1.7 billion, as well as civil money penalties totaling more than $142 billion. We will discuss provisions of the act, a comparison to the FDCPA and common mistakes creditors make so you can understand what is required to be compliant.