“I work in a very unique vertical of collections (rental debt) and UDAAP could really impact my clients, so this was extremely helpful as far as what the future holds!”
Angela P.: Vice President, National Sales
UDAAP (Unfair, Deceptive or Abusive Acts or Practices) compliance raises the regulatory bar for debt collectors, especially now that the CFPB has explicitly stated that it applies to the industry. Even the best compliance management system for FDCPA is no longer enough. You must be able to prove that your practices don’t harm consumers.
The CFPB is tasked with regulating service providers, or “any person that provides a material service to a covered a person in connection with the offering or provision by such covered person of a consumer financial product or service. ” Debt collectors fall under this definition, and proactive UDAAP compliance is the only way to protect your agency from perceived violations by the CFPB.
We’ve compiled the key points from our insideCompliance webinar – Navigating UDAAP Compliance – What’s Fair, What’s Not and Why it Matters - into one report, To the Point: UDAAP. John Bedard, one of the top legal minds in the industry when it comes to UDAAP, provides the most up-to-date advice and debate surrounding UDAAP compliance.
This is a resource no collector should be without!
- How the CFPB regards common debt collection practices as unfair, deceptive or abusive
- How UDAAP intersects with debt collection phone calls
- What the next steps are for government enforcement of UDAAP
This report contains guidance on:
- Criteria for an act or practice to be "unfair," "deceptive" or "abusive"
- Examples of UDAAP violations
- How to read a CFPB enforcement action
Author: insideARM.com with John Bedard
Length: 136 pages