Where are we now after the new administration and new leadership at the CFPB? Is UDAAP still a big deal? The short answer is yes – new bureau leadership has signaled one of their priorities is still enforcing consumer protection law that harms consumers, and UDAAP is at the center of that.
Institutions must be familiar with the standard means for compliance and the risk management process, as well as what is important today in this dynamic regulatory environment. Technical compliance is no longer the only issue to be concerned about, as UDAP/UDAAP can found even though every “normal” compliance requirement may have been strictly followed.
In this webinar, we’ll discuss understanding what examiners are focusing on, including areas where a clear rule or regulation might not even apply. This has been a major cultural shift in the regulatory function, and we’ll delve into how to identify UDAP/UDAAP, how to monitor and test for it, and where particular risks are found, among other topics.
What You’ll Learn
- UDAP vs. UDAAP: what does “abusive” really mean? Guidance and advice
- The reach of UDAP/UDAAP: it isn’t only a CFPB issue – it affects ALL institutions, regardless of regulator
- Scope of UDAAP: products, services, delivery channels, and methods
- Examples of practices, as well as high-risk products and services: where should your focus be?
- The concept of UDAAP Risk: how to handle it
- The end of “Discrimination is UDAAP” (for now)
- Emphasis on sales and marketing practices, and product management
- Cultural change brought by UDAAP
- Areas where you wouldn’t even think to look
- Can treating a customer more favorably be unfair?
- How to manage your UDAAP program
- What are the regulatory expectations? Evaluations, risk assessments, more?
- Going beyond the program: managing the culture of your organization
Who Should Attend
This session is ideal for compliance officers, auditors, management, counsel, marketing, sales, product development, business line management, and anyone else involved in any products, services, or practices that impact consumers because UDAAP is an issue that affects most everyone in the institution.