UDAAP was created to prevent a covered person or service provider from committing or engaging in an unfair, deceptive, or abusive act or practice under Federal law in connection with any transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service."

Although the UDAAP standard seems new, we've actually been familiar with "UDAP" (just one 'A') for quite some time. That extra 'A', for 'Abusive', adds a new standard; however, and the CFPB is already active with enforcement actions.

What does all this mean to banks and the industry? At the very minimum, it means you must be familiar with what this new standard means for compliance and the risk management process. The rules of the game have changed, and technical compliance is no longer the only issue.

It means understanding what examiners are likely to focus on, including areas where a clear rule or regulation might not even apply. It's a cultural shift in the regulatory function, and in this webinar we'll discuss the meaning of UDAAP and how it will impact your bank.What You'll Learn:

• UDAP vs. UDAAP: what does the introduction of "abusive" really do?
• This isn't only a CFPB issues - it will affect ALL banks, regardless of regulator
• "Abusive" standards: how will this be enforced?
• Scope of UDAAP: products, services, delivery channels and methods
• UDAAP examples: where should your focus be?
• Emphasis on sales and marketing practices, and product management
• Cultural change brought by UDAAP
• What are the agencies looking for?
• Areas where you wouldn't even think to look
• How to prepare your UDAAP program
• What are the regulatory expectations? Evaluations, risk assessments, more?
• Going beyond the program: changing the focus of your organization