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UDAAP (Unfair, Deceptive or Abusive Acts and Practices) is the latest "hot” issue the Consumer Financial Protection Bureau is monitoring throughout the debt collection industry. UDAAP is unique in that – unlike the Fair Debt Collection Practices Act – it broadly outlines what a financial institution can’t do, but puts the burden of proof for compliance squarely on collectors. Even creditors need to watch out for potential UDAAP problems; in a 2013 CFPB bulletin (included in this report), the Bureau stated its intent to make creditors and their service providers abide by the FDCPA – and by proxy UDAAP principles and guidance.

Our Compliance Overview: UDAAP is completely revised for 2015 and gives your collection agency actionable information about why UDAAP compliance matters and how to master it. Get the top 10 compliance tips, sourced from industry experts, to make sure your agency and vendors are keeping up with UDAAP requirements. Learn how the CFPB identifies and penalizes UDAAP violations with real-world examples. Use our comprehensive checklists to ensure your compliance management system goes above and beyond the requirements for a CFPB examination.

Even if you're not directly affected, being CFPB-ready can only make your collection agency more compliant.

Product: PDF Download

Pages: 204 pp including appendices

You'll Learn:

  • Who is affected by UDAAP
  • How to define unfair, deceptive and abusive practices
  • How to prepare for a CFPB examination
  • How the CFPB plans to use rulemaking to clarify UDAAP

Table of Contents:

  1. What is UDAAP?
  2. Common Terms and Acronyms
  3. Who is Affected?
  4. Compliance
  5. "I’m Asking for a Friend”: Examples of UDAAP Risk
  6. Is not accepting a consumer’s offer of arrangement, and instead entering a final garnishment order, considered an unfair practice?
  7. If a convenience fee is charged, but a free alternative method is given, will that still be considered unfairness?
  8. Calling Out UDAAP on the Phone
  9. Could it be a UDAAP violation to leave a message for a consumer, and then make another call attempt to a different number directly after leaving that first message?
  10. What if, at the end of a call, you ask the consumer, "Do you have any questions for me?” and the consumer still says no?
  11. Collectors, Consumers and the CFPB
  12. CFPB bulletins aren’t law. How much does the debt collection industry need to change its practices in the first place to be in compliance? Can’t we wait until there are official laws?
  13. UDAAP Compliance Tips
  14. Vendor Management
  15. Call Monitoring
  16. Food for Thought
  17. Internal Audits
  18. A number of clients are asking about truth in lending training for third party collectors, although settlement negotiations are our client parameters and agencies are not granting credit. How might that be affected?
  19. Spotlight on: Banking Compliance
  20. Examples
  21. Violations
  22. Timeline: High-Profile UDAAP Violations
  23. Timeline: 2014 Consent Info
  24. Module 1: Entity Business Model
  25. Module 2: Communications in Connection with Debt Collection
  26. Sample Checklists
  27. CFPB Rules
  28. How do I Implement Compliance for UDAAP
  29. Appendix A: Section 5 of the Federal Trade Commission Act
  30. Appendix B: The Dodd–Frank Wall Street Reform and Consumer Protection Act
  31. Appendix C: CFPB Documents