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

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

According to the CFPB’s Bulletin 2013-07  “UDAAP’s can cause significant financial injury to consumers, erode consumer confidence, and undermine fair competition in the financial marketplace.”

This 30-minute course will
focus on how to determine whether an act is unfair, deceptive, or abusive, and
will also provide examples of such acts, and will also touch on the role of
consumer complaints, and should be used by Mortgage Lenders, Mortgage Brokers, and Depositories as part of their normal training regimen in compliance with the TILA rules relating to training of  all staff members.

The following topics will be covered:

o   A
breakdown of the DFA’s standard for unfairness;

o   The
Four P’s Test;

o   Abusive
behaviors under the DFA;

o   The
CFPB’s policy statement on abusive acts & practices;

o   Examples
of unfair or deceptive acts;

o   The
Role of Consumer Complaints;

o   UDAAP’s
Relationship with TILA;