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TeleConference: UDAAP Trends

 

Tuesday, August 26, 2014

10:00 - 11:00 am (CST)

 

Speaker: Carl Pry

About the Program
"UDAAP" could become the most significant term ever to affect credit union compliance. That sounds pretty bold, but consider that the CFPB has been given an almost-unlimited mandate under Dodd-Frank to "take any action…to prevent a covered person or service provider from committing or engaging in an Unfair, Deceptive, or Abusive Act or Practice under Federal law in connection with any transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service.”

Although the UDAAP standard seems new, we’ve actually been familiar with “UDAP” (just one ‘A’) for quite some time. That extra ‘A’, for ‘Abusive’, adds a new standard, however, and the CFPB is already active with enforcement actions (3 and counting so far).

What does all this mean to credit unions and the industry? At the very minimum, it means you must be familiar with what this new standard means for compliance and the risk management process. The rules of the game have hanged, and technical compliance is no longer the only issue.

It means understanding what examiners are likely to focus on, including areas where a clear rule or regulation might not even apply. It’s a cultural shift in the regulatory function, and in this webinar we’ll discuss the meaning of UDAAP and how it will impact your credit union.



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