The purpose of this UDAAP Policy Template is to address how a bank, credit union, fintech company, or other type of financial institution mitigates potential risks posed by unfair, deceptive, or abusive acts and practices (UDAAPs) under federal regulatory guidelines. UDAAPs can cause significant financial injury to consumers, erode consumer confidence, and undermine the financial marketplace. Under the Dodd-Frank Act, it is unlawful for an organization as a provider of consumer financial products or services or a contractual service provider of the organization to engage in any UDAAP.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Risk Management – Topic 4
- Structure of Accountability and Responsibility – Topic 5
- UDAAP Compliance Program – Topic 6
- Red Flags – Topic 7
- Consumer Complaints – Topic 8
- Bank Operations – Topic 9
- Relation to Other Laws and Regulations – Topic 10
- Audit Policy – Topic 11
- Staff Training – Topic 12
- Retention of Documentation – Topic 13
Recent updates to this product:
OCC Bulletin 2020-65 – Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices: New Comptroller’s Handbook Booklet and Recissions
This UDAAP Policy Template (approximately 26 pages) is available to purchase from BankPolicies.com in Microsoft®Word format.
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