Unfair, deceptive, or abusive acts and practices (UDAAP) can cause significant financial injury to consumers, erode consumer confidence, and undermine the financial marketplace. Federal Regulations make it illegal for any provider of consumer financial products or services to engage in unfair, deceptive or abusive acts or practices. This course introduces UDAAP and how to create policies and procedures and products and services that will not violate the federal regulations.  This course is intended for all personnel. Course length ≈ 18 minutes.

Learning Objectives:

• Test the policies, procedures, processes and controls at your bank concerning liabilities to ensure function and compliance.

Course Outline:

• Auditing Deposits
  • Obtain an understanding of the key concepts related to deposits.
  • Discuss audit objectives of deposit accounts.
  • Discuss an example of an internal control questionnaire for deposits.
  • Discuss an example of an internal audit program for deposits.
  • Discuss basic policy considerations related to deposit accounts.
• Sample Violations
  • Bank
  • Credit card
  • Credit card number two
• Creating a UDAAP Compliance Program
  • Advertising
  • Disclosures
  • Products
  • Consumer compliance
  • Employee conduct
  • Service provider conduct
• Controls 

This course is worth 1 CPE credit.