What Are the UDAAP Risks in 2025?

November 25, 2024

Compliance Frontline & New Accounts IRA Lending Operations Senior Management

Live Webinar

DateNov 25, 2024Duration60 minutes

08:00 AM PST09:00 AM MST

10:00 AM CST11:00 AM EST

Unlimited connections for your institution
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Take-away toolkit
Presenter’s contact info for questions

On-Demand Webinar

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Take-away toolkit
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Presenter's contact info for questions

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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.

TAKE-AWAY TOOLKIT

Overview of the CFPB circulars issued in April and June 2024 for UDAAP
UDAAP exam procedures by each regulatory agency
FTC guidance, including a checklist for the four “Ps” in advertising – prominence, presentation, placement, and proximity
Summary of recent UDAAP enforcement actions and class action lawsuits
Employee training log
Interactive quiz
PDF of slides and speaker’s contact info for follow-up questions
Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your institution is prohibited. Print materials may be copied for eligible participants only.

Presented By

Susan Costonis