What Are the UDAAP Risks in 2025?
Unfair. Deceptive. Abusive. Harsh words that can have special meaning for financial institutions. The CFPB seeks to prevent unfair, deceptive, or abusive acts or practices (UDAAPs) regarding consumer financial products or services. Even if you aren’t one of the large institutions they oversee, other regulatory agencies are paying attention to UDAAP issues and infractions. Shouldn’t you?
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Identify potential UDAAP “traps” that are likely to be considered deceptive, unfair, or abusive
- Employ 10 tips for managing UDAAP risks, from marketing claims to consumer complaints
- Understand the broad threats for UDAAP violations from recent enforcement actions and class action lawsuits for overdraft programs
- Use the most recent regulatory publications that highlight UDAAP violations
- Realize that a UDAAP infraction can be cited without violating a specific regulation
WEBINAR DETAILS
Section 5 of the Federal Trade Commission Act (FTC Act) prohibits business practices that are unfair or deceptive. The Dodd-Frank Act added the concept of “abusive” acts or practices, providing the Consumer Financial Protection Bureau (CFPB) with rulemaking and enforcement authority to prevent unfair, deceptive, or abusive acts or practices (UDAAPs) in connection with any consumer financial product or service. The CFPB has issued multi-million-dollar enforcement actions for UDAAP violations against various large institutions under their supervision. All financial institutions are well advised to pay close attention to the “new normal” of consumer protection. Regulators have increased the focus on UDAAP issues and have targeted “junk fees” and overdraft practices. Attend this webinar and learn 10 essential tips for managing UDAAP risks at your financial institution.
WHO SHOULD ATTEND?
This session will benefit those involved in product development and marketing, including marketing department staff, compliance officers, auditors, managers, sales and service staff, call center employees, and anyone involved in product sales.
