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 ≈ 30 minutes.
Learning Objectives:
• Define UDAAP
• Explain what an unfair, deceptive or abusive act or practice is
• Identify acts and practices that prompt CFPB to take UDAAP enforcement action
• Create and maintain a UDAAP compliance program
Course Outline:
• What is UDAAP
• Sample UDAAP Violations
• Creating a UDAAP Compliance Program
This course is worth 0.5 CPE credit.