Links in “UDAAP”
- Is the Definition of “Unfair” Unfair?
The "unfair" umbrella is being used by regulatory agencies to cover more and more activities they perceive unfavorably. In its motion seeking dismissal of a recent CFPB complaint against it, ITT Educational Services argues that regulated parties do not have fair notice of what constitutes "unfair" or "abusive" acts or practices. [5/1]
- Avoiding Potential UDAAP Violations
The CFPB has identified compliance with UDAAP requirements as a prime area of focus. Here are 7 steps you can take within your credit union to ensure you have proper due diligence measures in place to prevent potentially costly violations. [4/24]
- A First: A State Files Suit for UDAAP Violations Under Dodd-Frank
The Illinois Attorney General files suit against a small loan lender alleging violations of Dodd-Frank. This appears to the first lawsuit of its kind file by a state attorney general. [3/27]
- CFPB’s Report on FDCPA Released
Bureau seeks to "develop its debt collection program over the coming year, and will work actively to protect consumers from the unfair, deceptive, abusive, and other unlawful conduct of some debt collectors." 64-page report notes that debt collection complaints are highest received by CFPB and details aspects of complaints received by Bureau. [3/24]
- CFPB Goes After For-Profit Education Company
CFPB drops the hammer on ITT Educational Services over alleged predatory lending practices, accusing the for-profit educator of violations on the ban against unfair, deceptive or abusive practices by strong-arming students into high-interest loans, among other allegations. [3/3]
- Raising the Hammer: CFPB Recaps Top Citations Against Mortgage Servicers
The ban on unfair, abusive or deceptive acts and practices is getting heavy-duty scrutiny. See what other financial institutions are being hit with. [2/7]
- âWall Streetâ Regs Are Devastating to Main Street Credit Unions and Community Banks
The Dodd-Frank Act was designed to address abuses in the banking industry. However, many provisions have little impact on large banks, but are incredibly onerous to credit unions and community banks. [1/20]
- FTC Delivers Strong What-Not-to-Do in Marketing
Ongoing regulatory battle against deceptive marketing includes latest FTC efforts against 10 dealerships for deceptive marketing practices. Review of complaints will provide marketing personnel insights into what not to do. [1/10]
- Amex Hit with $76M Penalty for Deceptive Practices
American Express settles allegations that it used to deceptive marketing and unfair billing practices in selling credit card add-on products to its customers. $59.5 million will go to restitution to customers and $16.2 million will to go three separate penalties to the CFPB, the FDIC and the OCC. [12/26]
- Bad Mortgage Service Practices Leads to $6.25 Million Settlement
New Jersey settles with PHH Mortgage for inaccurate statements about the time it would take to process loan modification requests and inaccurate statements to consumers about foreclosure proceedings and assessments of improper late fees and other fees. [12/16]
