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Unfair or Deceptive Acts or Practices (UDAP) Policy

$150.00

The purpose of this Unfair or Deceptive Acts or Practices (UDAP) Policy Template is to mitigate potential risks of a bank, credit union, or other type of financial institution posed by Section 5 of the Federal Trade Commission Act (FTC Act) regarding Unfair or Deceptive Acts or Practices (UDAP).

Description

Unfair or Deceptive Acts or Practices Policy

The purpose of this Unfair or Deceptive Acts or Practices Policy Template is to mitigate potential risks of a bank, credit union, or other type of financial institution posed by Section 5 of the Federal Trade Commission Act (FTC Act) regarding Unfair or Deceptive Acts or Practices (UDAP).

In general, Section 5 of the Federal Trade Commission Act (FTC Act) declares that UDAPs affecting commerce are illegal and the federal banking agencies have authority to enforce Section 5 of the FTC Act for the institutions they supervise. The Federal Trade Commission (FTC) has authority to take action against nonbanks that engage in a UDAP. If a UDAP involves an entity or entities over which more than one agency has enforcement authority such as, for example, the FDIC and the FTC, the agencies may coordinate their enforcement actions. Unlike many consumer protection laws, Section 5 of the FTC Act also applies to transactions with non-consumers and businesses.

Table of Contents

  • Purpose and Contents – Topic 1
  • Policy Statement – Topic 2
  • Determination of Unfair or Deceptive Standard – Topic 3
  • Unfair Acts or Practices – Topic 4
  • Deceptive Acts or Practices – Topic 5
  • Consumer Complaints – Topic 6
  • Relation to Other Laws – Topic 7
  • Audit Policy – Topic 8
  • Staff Training – Topic 9
  • Retention of Documentation – Topic 10

Recent updates to this product:
08/01/18 Update
Federal Reserve Board Launches Consumer Compliance Supervision Bulletin

This Unfair or Deceptive Acts or Practices Policy Template (approximately 12 pages) is available to purchase from BankPolicies.com in Microsoft® Word format for $150.00.

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.

Our dedicated staff of career banking industry professionals are ready to keep your financial institution up to date with the latest bank policy standards and industry best practices. Purchase your bank policies from us today and rest easy knowing you have the right team helping you and your organization stay compliant. We look forward to earning your business for all of your bank policy needs.

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