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Unfair, Deceptive, or Abusive Acts or Practices Policy

$175.00

The purpose of this UDAAP Policy Template is to address how a bank, credit union, 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.  See more information about this product below.  Looking for Unfair or Deceptive Acts or Practices (UDAP) Policy (Section 5 of the Federal Trade Commission Act) instead?  Click here.

UDAAP Policy

The purpose of this UDAAP Policy Template is to address how a bank, credit union, 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:
08/03/20 Update
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.

Want to ensure your purchase from BankPolicies.com remains current? Add a Product Update Protection Plan to your shopping cart to ensure that you will automatically receive an updated version every time it is revised via e-mail within one year from the last date of purchase. This timely and cost-effective solution ensures that you stay on top of federal regulatory changes and industry recommended best practices.

When updates are made you will receive detailed information regarding why the product was updated and what has changed within the product in our Product Update Notification e-mail correspondence. This enables you to make an informed decision on whether to make any changes to the policy or procedure you implemented for your financial institution from the revised template.

BankPolicies.com provides your financial institution with the best bank policy template products available in the industry. You will always be up to date with the latest changes to bank policies and never have to worry about being out of compliance with the various laws, rules and regulations issued by the Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Office of the Comptroller of the Currency (OCC), or other federal regulatory bodies that may apply to your organization.

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