The CFPB examination manual’s UDAAP (unfair, deceptive, or abusive acts or
practices) section addresses the importance of the consumer complaint
process. UDAAP violations can cause significant financial injury to
consumers, erode consumer confidence, and undermine the financial
marketplace. Bottom line – everyone wants to avoid UDAAP issues!
complaints play a key role in detecting potential UDAAP issues and are an
essential information source for regulatory examinations, enforcement, and
rule - making. Complaints also have the potential to flag compliance
management weaknesses, including training, internal controls, and monitoring.
This jam - packed session will review best practices, procedures, and tools to
strengthen your UDAAP compliance program!
- UDAAP and consumer
complaint policy language
- Examples of unfair, deceptive, or abusive acts or
practices and how to avoid them
- Guidelines to govern fee waivers for both
deposit and loan products
- Defining and training staff on consumer complaints
- Tracking, responding to, and reporting consumer complaints to the board
Dawn Kincaid, Brode Consulting Services, Inc.