UDAP! Lately, the mere mention of this term gets my attention very quickly. The Federal Trade Commission’s Unfair or Deceptive Acts and Practices (UDAP) seems to be the “go to” for regulatory agencies. Especially when there isn’t a specific regulatory reference for something the bank’s doing or involved in that they don’t like. At the ABA Conference in June the message from the regulatory agencies was quite clear:
Protect the consumer!
Regulators think they are getting better at applying the UDAP concept -yikes!
Watch out for the following:
Posting debit transactions from high dollar amount to low dollar amount
Mortgage pre-qualification and pre-approval letters language
Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar, or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups, and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru.
Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports related!