UDAAP symposium set for June 25
The CFPB announced Tuesday that its symposia series will kick off June 25 with the first one 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.
The UDAAP symposium will feature two panels: the first with leading academic experts in the area of consumer protection discussing various policy issues related to the abusive standard, and the second with legal experts in the field who will examine how the abusive standard is used in practice.
The symposia series, announced in April, will "[explore] consumer protections in today's dynamic financial services marketplace." In addition to UDAAP, 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.
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