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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