What Are the UDAAP Risks in 2025?
November 25, 2024
Live Webinar:
DateNov 25, 2024Duration60 minutes
12:00 PM PST01:00 PM MST
02:00 PM CST03:00 PM EST
- Unlimited connections for your institution
- Available on desktop, mobile & tablet
- Take-away toolkit
- Presenter’s contact info for questions
On-Demand Webinar:
- Unlimited & shareable access starting two business days after live stream
- Available on desktop, mobile & tablet devices 24/7
- Take-away toolkit
- Ability to download webinar video
- Presenter's contact info for questions
Unfair. Deceptive. Abusive. Harsh words that can have special meaning for financial institutions.
The CFPB seeks to prevent
unfair, deceptive, or abusive acts or practices (UDAAPs) regarding consumer
financial products or services. Even if you aren’t one of the large
institutions they oversee, other regulatory agencies are paying attention to
UDAAP issues and infractions. Shouldn’t you?
AFTER THIS
WEBINAR YOU’LL BE ABLE TO:
- Identify potential UDAAP “traps” that are likely to be considered deceptive, unfair, or abusive
- Employ 10 tips for managing UDAAP risks, from marketing claims to consumer complaints
- Understand the broad threats for UDAAP violations from recent enforcement actions and class action lawsuits for overdraft programs
- Use the most recent regulatory publications that highlight UDAAP violations
- Realize that a UDAAP infraction can be cited without violating a specific regulation
WEBINAR DETAILS
Section 5 of the
Federal Trade Commission Act (FTC Act) prohibits business practices that are
unfair or deceptive. The Dodd-Frank Act added the concept of “abusive” acts or
practices, providing the Consumer Financial Protection Bureau (CFPB) with rulemaking and enforcement authority to prevent unfair,
deceptive, or abusive acts or practices (UDAAPs) in connection with any
consumer financial product or service.
The CFPB has issued multi-million-dollar
enforcement actions for UDAAP violations against various large institutions
under their supervision. All financial institutions are well advised to pay close
attention to the “new normal” of consumer protection. Regulators have increased
the focus on UDAAP issues and have targeted “junk fees” and overdraft
practices. Attend this webinar and learn 10 essential tips for managing UDAAP
risks at your financial institution.
WHO SHOULD ATTEND?
This session will benefit
those involved in product development and marketing, including marketing
department staff, compliance officers, auditors, managers, sales and service
staff, call center employees, and anyone involved in product sales.
TAKE-AWAY TOOLKIT
- Overview of the CFPB circulars issued in April and June 2024 for UDAAP
- UDAAP exam procedures by each regulatory agency
- FTC guidance, including a checklist for the four “Ps” in advertising – prominence, presentation, placement, and proximity
- Summary of recent UDAAP enforcement actions and class action lawsuits
- Employee training log
- Interactive quiz
- PDF of slides and speaker’s contact info for follow-up questions
- Attendance certificate provided to self-report CE credits
NOTE: All materials are subject to copyright. Transmission, retransmission,
or republishing of any webinar to other institutions or those not employed by
your institution is prohibited. Print materials may be copied for eligible
participants only.
Presented By
Compliance Training & Consulting for Financial Institutions
© 2024 FINANCIAL EDUCATION & DEVELOPMENT, INC