April 19, 2019

UDAAP first in CFPB symposia series

CFPBFollowing comments Wednesday from CFPB Director Kathy Kraninger, the bureau has officially announced its symposia series "exploring consumer protections in today's dynamic financial services marketplace." The first symposium will be focused on clarifying "abusive" under unfair, deceptive or abusive acts or practices (UDAAP).

NAFCU has long advocated for the bureau to issue specific guidance on prohibited practices so financial institutions have more clarity on this issue. Last year, NAFCU again asked the bureau to provide guidance to clarify the UDAAP standard.

Dates and panelists for the UDAAP symposium and others in the series have yet to be announced. Other topics to be covered include:

  • behavioral law and economics;
  • small business loan data collection;
  • disparate impact and the Equal Credit Opportunity act;
  • cost-benefit analysis; and
  • consumer authorized financial data sharing.

NAFCU will continue to work with the bureau to address credit union priorities.