UDAAP

The Dodd-Frank Act added provisions allowing the Consumer Financial Protection Bureau (CFPB) to restrict “abusive” acts under their UDAAP authority. This is in addition to the Unfair and Deceptive Acts or Practices (UDAP) authority that existed under the FTC Act. These provisions under the Dodd-Frank Act could have the most impact on the operations of our member banks, both with regard to possible enforcement actions and upcoming rulemaking that would interpret these provisions. Examination guidelines issued by the CFPB also address UDAAP practices.
  • March 22, 2017
    Download Whitepape r. KPMG LLP (KPMG) is pleased to announce the release of the new point-of-view document related to our Chief Compliance Officer (CCO) Survey findings , The compliance journey: Boosting the value of compliance in a changing regulatory climate . In a time of new U.S. administrative impacts to the regulatory environment, determining how to boost the value you get from your...
  • December 20, 2016
    Are you addressing all the necessary elements to meet the increased regulatory expectations for credit reporting and disputes handling? Taking a closer look into your processes and programs can help organizations be prepared. Download our special report that highlights how to achieve data accuracy, manage disputes and take actions to mitigate your risk in consumer reporting. www.bridgeforce.com
  • December 7, 2016
    On Wednesday, December 7, 2016, the CFPB took action against three reverse mortgage companies for alleged deceptive advertisements, such as claiming that consumers could not lose their homes. The Bureau ordered American Advisors Group, Reverse Mortgage Solutions, and Aegean Financial to cease deceptive advertising practices, implement systems to ensure they are complying with all laws, and pay...
  • November 29, 2016
    “Where do we start?” is a question institutions often ask when preparing for an upcoming regulatory exam. This article examines the answer to that question through an operational lens with a focus on how to prepare. It outlines recommended core functions, processes and organizational approaches to achieve exam readiness. www.bridgeforce.com
  • October 28, 2016
    Crystal Ball: the CFPB’s 2017 Priorities During a speech earlier this week, CFPB Director Richard Cordray outlined the Bureau’s three priority areas for enforcement actions and supervision in 2017: consumer complaints, redlining and Real Estate Settlement Procedures Act (RESPA) violations. In light of the recent Appeals Court decision, which rejected the CFPB’s interpretation of portions of RESPA...
  • October 13, 2016
    On Wednesday, October 13, 2016, the CFPB entered into a consent order with Navy Federal Credit Union for a number of unfair, deceptive, abusive acts or practices (UDAAP) violations between January of 2013 and July of 2015 related to its in-house collection practices. The Bureau alleges Navy Federal contacted hundreds of thousands of consumers by letter or phone expressly or impliedly threatening...
  • October 11, 2016
    On Tuesday, October 11, 2016, the D.C. Circuit Court of Appeals handed down a ruling in the much anticipated case of PHH Corp. v. CFPB , which questioned whether the CFPB is constitutional. This case began as a CFPB enforcement action against mortgage lender PHH for alleged violations of Section 8 of the Real Estate Settlement Procedures Act (RESPA). In an administrative action before an...
  • October 5, 2016
    On Wednesday, October, 5, 2016, House Financial Services Committee Ranking Member Maxine Waters (D-CA) led ten other Democratic members in a letter to several governmental agencies expressing the need to strengthen rules regarding incentive-based compensation at financial institutions. The letter, was sent to the Federal Reserve, OCC, FDIC, National Credit Union Administration, Federal Housing...
  • October 3, 2016
    This article focuses on how compliance leaders are executing their monitoring and testing responsibilities; how they are seeking to further enhance their monitoring and testing activities to realize greater value in their compliance efforts, the role of data and technology in compliance monitoring, and also current challenges. This article includes insights from KPMG professionals' firsthand...
  • September 29, 2016
    On September 29, 2016, Wells Fargo CEO and Chairman John Stumpf returned to Capitol Hill for a hearing before the House Financial Services Committee Thursday, nearly a week and a half after his testimony before the Senate Banking Committee. The hearing, entitled “Holding Wall Street Accountable: Investigating Wells Fargo’s Opening of Unauthorized Customer Accounts,” featured testimony from Mr...

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