Video

  • 13 minutes

The Scope and History of UDAP and UDAAP

 
When UDAP began with a “single A”, early last century, the FTC Act, Section 5 stated that unfair methods of competition in or affecting commerce, and unfair or deceptive acts or practices in or affecting commerce, are declared unlawful. Fast forward to the Dodd-Frank Act, which included the Consumer Financial Protection Act of 2010, and the Bureau of Consumer Financial Protection, more commonly referred to as the Consumer Financial Protection Bureau (CFPB) was created. This transferred various consumer protection statutes and provisions from other federal agencies to the CFPB.

In this video our speaker, Richard J. Andreano, reviews UDAAP prohibitions, and define unfair, deceptive and abusive acts or practices.

Richard J. Andreano is a Partner and practice leader of the mortgage banking group at Ballard Spahr LLP. He is a Fellow with the American College of Consumer Financial Services Lawyers. Mr. Andreano counsel clients on residential mortgage regulatory matters, including ability to repay, TILA/RESPA integrated disclosure (TRID) rule, CFPB supervision and examination, UDAAP and other Dodd-Frank matters.
Runtime: 12 minutes

Faculty

Richard J. Andreano

Richard J. Andreano

Ballard Spahr LLP