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UDAAP Training Courses

UDAAP Regulation And Compliance

What Is UDAAP?

Under the Dodd–Frank Wall Street Reform and Consumer Protection Act (the 'Dodd-Frank Act'), it is unlawful for any provider of consumer financial products or services or a service provider to engage in any unfair, deceptive, or abusive act or practice.

What Is The UDAAP Definition? What Is Considered Deceptive In UDAAP?

UDAAP regulations are designed to protect "vulnerable consumers" and ensure that financial institutions are working to protect their current customers in addition to any consumers.

Dodd-Frank defines that a representation, omission, act, or practice is deceptive when:
  • The representation, omission, act, or practice misleads or is likely to mislead the consumer
  • The consumer's interpretation of the representation, omission, act, or practice is reasonable under the circumstances
  • The misleading representation, omission, act, or practice is material
An abusive act or practice is one that:
  • Materially interferes with the ability of a consumer to understand a term or condition of a consumer financial product or service
  • Takes unreasonable advantage of: a lack of understanding on the part of the consumer of the material risks, costs, or conditions of the product or service; the inability of the consumer to protect its interests in selecting or using a consumer financial product or service; or the reasonable reliance by the consumer on a covered person to act in the interests of the consumer

UDAAP Compliance Training Courses

Does your organization have a UDAAP Policy or provide appropriate UDAAP training? What would you do if a customer voices a complaint that could be construed or perceived as unfair, deceptive, and/or abusive? Well, you better know, as there is a law governing it.

Specifically, UDAAP (Unfair, Deceptive, or Abusive Acts or Practices) governs how you, your tellers, and your other branch staff handle certain situations. As such, it is a must that your branch personnel and the call center team stay alert and on the watch for responding, recording and follow through when a complaint is more than an inquiry or a simple remark.

What You'll Learn From Our UDAAP Training Courses
  • How to avoid behavior that could be construed as discrimination or poor customer service
  • What to look and listen for including how to differentiate between a complaint, a simple customer remark and an inquiry
  • How to identify when a complaint is unfair, deceptive and abusive
  • If I am on the frontline, how should I respond when I am in the midst of a complaint?
  • If I resolve the complaint, do I still tell my manager and fill out a complaint form?
  • What will happen to me if I am the only person filing complaints in my department?
  • If I am not sure it is a complaint what should I do? To file or not to file when do we know?
  • What impact does the CFPB have on advertising and marketing, even if you're not a big bank?
  • Advertising rules under Reg. Z for both mortgage loans and open-end plans from the Credit CARD Act
  • Rules for consumer loan products in Regulation Z
  • When the "Equal Housing Lender" statement and the logo must be used
  • Standards for Advertising over the Internet and social mediaHow to develop a UDAAP Policy

Find UDAAP Regulations Training Courses

To find your desired UDAAP training courses, either select a Recommended Course from the list below, or select "UDAAP" and your state from the "Professional Development" section of the search box at the bottom of this page.

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What Is The Purpose Of A UDAAP Policy?

Unfair, deceptive, or abusive acts and practices (UDAAPs) can cause significant financial injury to consumers, erode consumer confidence, and undermine the financial marketplace.

Therefore, it makes sense to have your employees properly trained on potential UDAAP compliance violation areas.

What Is UDAAP Compliance? What Should Our UDAAP Policy Contain?

UDAAP compliance regulations include internal controls and policies for avoiding unfair, deceptive, or abusive acts or practices. Your organization's UDAAP Compliance training programs and policies should address and/or include:
  • Written policies and procedures
  • Training requirements
  • Product terms and fees
  • Enterprise Risk Management
  • Processes for handling consumer complaints
  • Internal and external audit processes
  • Compliance monitoring procedures
  • Third-Party vendor management
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