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Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) Update

Since 2011 the CFPB has repeatedly used its UDAAP enforcement power to impose millions of dollars of fines and penalties against a variety of financial service providers.

The 2010 Dodd-Frank Act created the Consumer Financial Protection Bureau and transferred to it primary enforcement responsibility for a wide array of consumer financial services consumer protection laws. The Act also gave the Bureau authority to pursue legal action against consumer financial service providers who engage in UDAP (unfair and deceptive acts and practices), while adding a new category of abusive (the new A in UDAAP). Since commencing operation in 2011, the Bureau has repeatedly used its UDAAP enforcement power to impose millions of dollars of fines and penalties against a variety of financial service providers.

To those unfamiliar with its actions, it may appear that the Bureau arbitrarily defines UDAAP on a case-by-case basis, thereby leaving companies to guess what product or action may lead to a costly enforcement action.

In fact, while predicting which practices the Bureau is likely to deem prohibited remains an inexact science, significant learning can be found in the terms of published consent orders in enforcement actions as well as guidance published by the Bureau. This topic will help those responsible for risk management and compliance understand the scope of UDAAP authority and provide practical solutions their organizations can take to reduce their chances of becoming the CFPB's next enforcement target.


Runtime: 88 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The Scope and History of UDAP and UDAAP

  • The FTC's Approach
  • What Dodd-Frank Changed - and What It Didn't
  • Abusive - the New Prohibited Practice on the Block

Examples of UDAAP

  • Generally
  • Hot Areas
  • Specific Enforcement Actions

Lessons Learned

  • Recurring Themes in Enforcement Actions
  • Compliance Programs
  • Risk Management
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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on April 29, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Richard J. Andreano

Richard J. Andreano

Ballard Spahr LLP

  • Partner at Ballard Spahr LLP
  • Practice leader, Mortgage Banking Group, Ballard Spahr LLP
  • Fellow, American College of Consumer Financial Services Lawyers
  • Chambers USA: America's Leading Lawyers for business, banking and finance: financial services regulation: consumer finance (compliance), national ranking, 2014 to 2017
  • Wrote MBA Compliance Essentials Loan Originator Compensation Resource Guide™, published by the Mortgage Bankers Association
  • Co-wrote, MBA Compliance Essentials TILA/RESPA Integrated Disclosure TRID Rule Resource Guide™, published by the Mortgage Bankers Association
  • Editor-in-chief, Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute; author of chapters on the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Home Mortgage Disclosure Act, and the Real Estate Settlement Procedures Act; and co-author of the Equal Credit Opportunity Act and Truth in Lending Act chapters
  • Counsels clients on residential mortgage regulatory matters, including ability to repay, TILA/RESPA integrated disclosure (TRID) rule, CFPB and other regulator supervision and examination, UDAAP and other Dodd-Frank matters
  • Frequent speaker and author on mortgage industry issues
  • Can be contacted at 202-661-2271 or [email protected]
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Why Lorman?

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Product ID: 397584
Published 2016
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