ABA Banking Journal - March 2014 - (Page 35)

compliance clinic UDAAP Worried about UDAAP? recent enforcement actions suggest ways to ease missteps photoS: ShutterStock.com "U nfair," "deceptive," and "abusive" are probably three of the scariest words in compliance these days. They are scary because of the subjective nature of the UDAAP standard and the significant amount of enforcement authority handed to the regulatory agencies for those institutions unfortunate enough to run afoul of UDAAP's requirements. Under the Consumer Financial Protection Bureau's Supervision and Examination Manual, UDAAP analysis consists of three elements: "Unfair Acts or Practices," "Deceptive Acts or Practices," and "Abusive Acts or By margaret camp Practices." The manual defines these in detail. The challenge for compliance professionals is in applying these definitions to real facts and circumstances. Reviewing recent enforcement actions gives some interesting insight into how regulators are applying the UDAAP elements in particular industries and how to potentially avoid civil money penalties. Lesson #1: targeted industries Regulatory enforcement actions over the past couple of years have targeted certain industries within the financial services marketplace. While CFPB March 2014 | ABA BANKING JOURNAL | 35 http://www.SHUTTERSTOCK.COM

Table of Contents for the Digital Edition of ABA Banking Journal - March 2014

Chairman's View
Editor's Column
The Economy
Bank Notes
Picture This
Basel III a bad fit for smaller banks
Tech Topics
Mortgage reboot
5 revenue ideas for the real world
Compliance Clinic
Compliance Inbox
ABA At Your Service
First Person

ABA Banking Journal - March 2014

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