Links in “UDAAP”

More and more financial institutions are faced with allegations and inquiries from the CFPB of unfair practices. While a case can be made for quietly settling such allegations outside of court, some feel it may be time to push back. [1/16/15]

An analysis of the CFPB's enforcement activity shows interesting trends between 2013 and 2014, particularly as it relates to UDAAP. A 150% increase of UDAAP cases litigated in civil court is just the start—find out just how much focus UDAAP is receiving. [1/9/15]

Disparate impact may finally have its day in court as the U.S. Supreme Court is scheduled to begin hearing arguments on Jan. 21. Previous cases involving the controversial concept, in which neutral practices that have a discriminatory effect are considered actionable, have settled before reaching the nation's top court. [1/6/15]

New York's attorney general settled a UDAAP claim against a large subprime auto lender. The lawsuit was the first brought by a state attorney general under authority granted under Dodd-Frank Section 1042. But it will not be the last. [12/24/14]

Dodd-Frank gives a state attorney general or regulator authority to bring civil action to enforce the prohibition against unfair, deceptive or abusive acts or practices (UDAAP). Here's a rundown of current lawsuits states have brought and where they stand now, including actions in Illinois, New York, Florida, Connecticut and Mississippi. [11/13/14]

While the prohibition against unfair, deceptive, or abusive acts or practices (UDAAP) can often be overly broad. Join AffirmX Analyst Quinton Harrison as he defines what we do know about UDAAP and outlines best practices for institutions to protect themselves from UDAAP violations. [10/31/14]

M&T Bank, New York, deceptively advertised free checking accounts with no strings attached. As it turns out, there were strings. Customers had to maintain a certain amount of activity to maintain the free status of the account and the bank would convert it into an account with fees if activity requirements were not met. What’s more, customers were not advised the change took place. [10/10/14]

In Flagstar Bank's case, the CFPB effectively enforced certain loss-mitigation requirements of the new mortgage servicing rules for violations that occurred before the effective date using its UDAAP enforcement authority. [10/7/14]

Merrick Bank of Utah pays a pretty penny for marketing and servicing credit card add-on products which were unfair and deceptive. [9/30/14]

This time it is Merrick Bank in Utah that is hit for unfair and deceptive practices over its "PAYS Plan," a payment protection plan that the FDIC found full of misrepresentations and disclosure failures to the tune of $1.1 million in civil penalties and $15 million in restitution. [9/30/14]