Unfair or Deceptive Acts or Practices Policy
This Unfair or Deceptive Acts or Practices Policy Template mitigates potential risks of a bank, credit union, fintech company, 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
- Risk Management – Topic 3
- Structure of Accountability and Responsibility – Topic 4
- Determination of Unfair or Deceptive Standard – Topic 5
- Unfair Acts or Practices – Topic 6
- Deceptive Acts or Practices – Topic 7
- Red Flags – Topic 8
- Consumer Complaints – Topic 9
- Bank Operations – Topic 10
- Relation to Other Laws and Regulations – Topic 11
- Audit Policy – Topic 12
- Staff Training – Topic 13
- Retention of Documentation – Topic 14
This Unfair or Deceptive Acts or Practices Policy Template (approximately 23 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
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