UDAAP stands for "unfair, deceptive, or abusive acts or practices” and has unfortunately become a common term in the credit union industry. Under the Dodd-Frank Act, it is unlawful for any provider of consumer financial products or services (in other words, your credit union) to engage in any unfair, deceptive, or abusive act or practice. What constitutes an unfair, deceptive, or abusive act or practice, however, is often nebulous and ambiguous.
Technically, the CFPB is the only regulatory body that has rule-making authority under the Dodd-Frank Act to define a UDAAP violation. But that has not stopped other regulators and examiners from defining their own UDAAP violations. Even if the credit union is in full compliance with all laws and regulations, an examiner may cite the credit union for a UDAAP violation if the examiner determines that "something” seems to be unfair, deceptive, or abusive. This webinar will explain the acts and practices that examiners consider unfair, deceptive, or abusive, and how you can protect your credit union from UDAAP violations.
- The most-common UDAAP violations
- Ways to defend against these alleged violations
- Actual examples of unfair, deceptive, and abusive practices by credit unions
- How to avoid these practices at your credit union
- Marketing materials that have been found to be UDAAP violations
- Potential liability for third-party vendors who commit UDAAP violations
- TAKE-AWAY TOOLKIT
- CFPB exam procedures regarding unfair, deceptive, or abusive acts and practices
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
Who Should Attend?
This informative session is designed for deposit and loan personnel, including officers, member service representatives, tellers, operations staff, auditors, compliance personnel, and managers.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane Britt & Browne, LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
Lending Council members receive a 10% discount
|Over $75 million
|$7 - 75 million
|Under $7 million
Scholarships are available for all KCUA education events. Scholarships pay 100% of registration fee for credit unions under $7M, 50% for credit unions between $7-$75M and 25% for credit unions over $75M.
Cancellation Policy: Sorry, no cancellations are allowed after connecting instructions and handout materials are distributed to registrants. Substitutions are welcomed and encouraged.
Please note: The live webinar option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone.