UDAAP (Unfair, Deceptive or Abusive Acts and Practices) is the latest “hot” issue the Consumer Financial Protection Bureau is monitoring throughout the debt collection industry. UDAAP is unique in that – unlike the Fair Debt Collection Practices Act – it broadly outlines what a financial institution can’t do, but puts the burden of proof for compliance squarely on collectors. Even creditors need to watch out for potential UDAAP problems; in a 2013 CFPB bulletin, the Bureau stated its intent to make creditors and their service providers abide by the FDCPA – and by proxy UDAAP principles and guidance.
Our Compliance Overview: UDAAP gives your collection agency actionable information about why UDAAP compliance matters and how to master it. Get the top 10 compliance tips, sourced from industry experts, to make sure your agency and vendors are keeping up with UDAAP requirements (pg. 6). Learn how the CFPB identifies and penalizes UDAAP violations with real-world examples (pg. 12). Use our comprehensive checklists to ensure your compliance management system goes above and beyond the requirements for a CFPB examination (pg. 16).
This is a resource no company should be without!
Product: PDF Download
Pages: 170 pp
Published: 11 February 2014
- Who is affected by UDAAP
- How to define unfair, deceptive and abusive practices
- How to prepare for a CFPB examination
- How the CFPB plans to use rulemaking to clarify UDAAP