Assessing Your UDAAP Risk : How to Audit Fairness

Duration 60 Mins
Level Basic & Intermediate & Advanced
Webinar ID IQW19I0928

  • Gain an understanding of UDAAP risk areas
  • Identify the key program components for managing consumer UDAAP risk
  • Discover best practices for conducting a UDAAP  risk assessment and mitigating risk

Overview of the webinar

Unfair, deceptive, or abusive acts and practices (UDAAPs) can cause significant financial injury to consumers, erode consumer confidence and undermine the financial marketplace. Under 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. The Act also provides the Consumer Financial Protection Bureau (CFPB) with rule-making authority and, with respect to entities within its jurisdiction, enforcement authority to prevent unfair, deceptive, or abusive acts or practices 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. The CFPB has been very aggressive in pursuing UDAAP enforcement actions against a wide range of financial institutions. The increased focus on unfair, deceptive or abusive acts or practices (UDAAP) requires all financial institutions to formalize and document their UDAAP procedures. This webinar will outline the “unfair”, “deceptive” and “abusive” tests and provide specific, practical steps to help banks and credit unions analyze and manage UDAAP risk.

Who should attend?

  • Consumer Compliance Officers
  • CRA Officers
  • Consumer Program Mangers
  • Risk and Compliance Officer
  • General Counsel 
  • Chief Compliance Officers
  • Risk Management Officers
  • Compliance Personnel
  • Director of Quality Management
  • Control Self-Assessment Personnel
  • Compliance Managers

Why should you attend?

This webinar will outline the “unfair”, “deceptive” and “abusive” tests and provide specific, practical steps to help banks and credit unions analyze and manage UDAAP risk. In all areas of their operations, financial institutions must ensure they have consistency between what they have told consumers and their actual practices. 

Faculty - Ms.Jennifer Newton

Jennifer Newton is a former Federal Financial Services Regulator from the U.S. Consumer Financial Protection Bureau (CFPB) and brings clients more than a decade of consumer compliance management and risk advisory experience. With her combined experience in the federal government, law firm, and in-house compliance positions, Jennifer offers an uncommonly broad range and depth of consumer compliance expertise in banking and financial service matters. She regularly consults with clients on complex issues relating to the Real Estate Settlement Procedures Act (RESPA), Telephone Consumer Protection Act (TCPA), Home Mortgage Disclosure Act (HMDA), the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA). She also guides clients on deposit and consumer lending issues under the Unfair Deceptive Abusive Acts and Practices Act (UDAAP), the Truth in Savings Act (TISA), Regulation CC, the CARD Act, Truth in Lending Act (TILA), Equal Credit Opportunity Act (ECOA), the Community Reinvestment Act (CRA) and the Fair Debt Collection Practices Act (FDCPA). In addition, Jennifer works with clients on privacy and financial technology (fintech) matters involving data security, data breach, open banking, and payment system issues under the Electronic Fund Transfer Act (EFTA), the Global Data Privacy Regulation (GDPR) and federal and state privacy laws, including the GLBA, HIPAA, ADA, CFAA, FCRA and the Florida FIPA.

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