Understand the scope of UDAAP authority and learn practical solutions you can take to reduce the risk of becoming the CFPB's next enforcement target.
Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) continues to be a primary area of focus for regulators. Violations range from several different product types along with varying types of violations. This material will provide an overview of UDAAP along with the genesis of the rule, provide specific examples of types of UDAAP violations, restitution amounts over time, along with the outlook of UDAAP. You should leave with a strong background on the rule and how regulators have used this rule to cite different violations and enforcement actions.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Overview of UDAAP
- Meaning
- What Makes a Violation UDAAP
Examples of UDAAP Violations
- Types of Violations
- Historical Counts
- Processes Associated With UDAAP
Restitution Associated With UDAAP
- Types of Restitution
- Historical Restitution
- Combination of Violations With UDAAP
Future Outlook
- What Historical Trends Predict Future of Violations
- What Have Regulators Indicated Will Be Areas of Focus
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on December 12, 2023.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Michael Canale
BRG
- Extensive experience across consumer finance including auto finance, mortgage, credit cards, student loans, and deposits
- Specializes in operations and strategy, risk and compliance, and technology enablement
- Works with clients on operational and compliance assessments, development and implementation of target operating models, enforcement actions and remediation, new product development, and technology integration
- Engagements have included experience with the CFPB, OCC, and the DOJ
Vincent Urbancic, CFA
BRG
- 20 years of professional experience working with financial institutions to address their most critical issues
- Experience spans risk, compliance, and analytics for products such as mortgage, auto, credit card, student lending, and commercial lending, and has included implementing programs and leading teams of senior managers, managers, and consultants serving both bank and non-bank entities
- Served as the independent consultant for enforcement actions, authoring reports to both the DOJ and CFPB as to the adequacy and effectiveness of remediation activities
- Led dozens of evaluations on fair lending/servicing for a variety of products such as mortgage, auto, credit cards, student, and commercial
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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