ABA Banking Journal - May 2013 - (Page 49)

compliance clinic UDAAP “Adaapting” to new UDAAP risks UDAAP readiness must spread throughout a bank’s operations photo: IdeaStepConCeptStoCk/ShUtterStoCk.Com BY THOMAS GRUNDY, WOLTERS KLUWER FINANCIAL SERVICE U nfair, Deceptive, or Abusive Acts or Practices (UDAAP) is one of the most talked-about compliance issues today. With the passage of Dodd-Frank, UDAP expanded to incorporate a new standard—adding the term “Abusive”—and thrust this consumer protection issue further into mainstream consciousness. This has created a heightened regulatory concern for banks, particularly due to a lack of certainty of how “abusive” will be incorporated into financial services supervision. The best practice for creating a UDAAPconscious organization: Establish the tone for compliance at the top. Banks should review what’s communicated downward through various means, particularly in the form of policies, procedures, and training materials. Always strive for fairness and transparency when communicating product features, terms, and costs to customers, and apply the same standard in delivery, support, and servicing. Following are the high-risk areas to focus on when reviewing your bank’s compliance efforts, with respect to UDAAP. Advertising and solicitations An advertising review by legal and compliance or advisors for internally generated marketing messages, sales training, and ad content, plus ad and sales messaging created by may 2013 | ABA BANKING JOURNAL | 49 http://shutterstock.com

Table of Contents for the Digital Edition of ABA Banking Journal - May 2013

ABA Banking Journal - May 2013
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
Picture This
ABA Community Banking
Pass the Aspirin
Tech Topics
Looking for leaders
Top-performing mid-size banks
New world of appraisals
Compliance Clinic
Compliance Inbox
ABA At Your Service
First Person

ABA Banking Journal - May 2013

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