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).
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
This Unfair or Deceptive Acts or Practices (UDAP) Policy Template (approximately 10 pages) is available to purchase from BankPolicies.com in Microsoft® Word format for $150.00.
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