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.
  • 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...
  • September 27, 2016 - 2:00PM
    Past
    With consumer loans up 18% in two years ( TransUnion 2016 Personal Loan Forecast) , you may not be taking full advantage of a booming market. Join this webcast and learn how to use new business marketing intelligence, like geo targeting, market segmentation, and location and spatial analytics to maximize your loan marketing efforts without disrupting your current processes. You'll also learn...
  • September 20, 2016
    On Tuesday, September 20, 2016, the Senate Committee on Banking, Housing and Urban Affairs held a hearing, “An examination of Wells Fargo’s Unauthorized Accounts and Regulatory Response.” Witness panels included testimony from Wells Fargo Chairman and CEO John Stumpf; Comptroller of the Currency Tom Curry; CFPB Director Richard Cordray; and Los Angeles City Attorney, Chief Deputy James Clark...
  • September 12, 2016
    September 12, 2016 The Honorable Jeb Hensarling Chairman Committee on Financial Services U.S. House of Representatives Washington, D.C. 20515 Dear Chairman Hensarling, The Consumer Bankers Association (CBA) applauds the goal of H.R. 5983, the Financial CHOICE Act of 2016, to reform the financial services regulatory framework and reduce regulatory burdens on financial institutions. CBA is the...

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