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Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) Policy

$175.00

The purpose of this Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) Policy Template is to address how a bank, credit union, or other type of financial institution adheres to federal regulatory guidelines regarding Unfair, Deceptive, or Abusive Acts or Practices (UDAAP).

Under the Dodd-Frank Act, it is unlawful for a provider of consumer financial products or services or a contractual service provider of the entity to engage in any UDAAP.  The Act also provides the Consumer Financial Protection Bureau (CFPB) with rule making authority and, with respect to entities within its jurisdiction, enforcement authority to prevent UDAAPs in connection with any transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service.  In addition, CFPB has supervisory authority for detecting and assessing risks to consumers and to markets for consumer financial products and services.

Description

UDAAP Policy

The purpose of this UDAAP Policy Template is to address how a bank, credit union, or other type of financial institution adheres to federal regulatory guidelines regarding Unfair, Deceptive, or Abusive Acts or Practices (UDAAP).

Under the Dodd-Frank Act, it is unlawful for a provider of consumer financial products or services or a contractual service provider of the entity to engage in any UDAAP. The Act also provides the Consumer Financial Protection Bureau (CFPB) with rule making authority and, with respect to entities within its jurisdiction, enforcement authority to prevent UDAAPs in connection with any transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service. In addition, CFPB has supervisory authority for detecting and assessing risks to consumers and to markets for consumer financial products and services.

Table of Contents

  • Purpose and Contents – Topic 1
  • Policy Statement – Topic 2
  • Definitions – Topic 3
  • UDAAP Compliance Program – Topic 4
  • Consumer Complaints – Topic 5
  • Audit Policy – Topic 6
  • Staff Training – Topic 7
  • Retention of Documentation – Topic 8

This UDAAP) Policy Template (approximately 13 pages) is available to purchase from BankPolicies.com in Microsoft®Word format for $175.00.

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