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Credit unions attending a NAFCU webcast yesterday learned how CFPB has been approaching its Dodd-Frank Act authority to enforce against unfair, deceptive or abusive acts and practices (UDAAP) and how they can incorporate a UDAAP analysis into their own product and service decisions.

The webcast, "UDAAP – We Know It When We See It" was led by John DeLoach, of Williams, Gautier, Gwynn, DeLoach & Sorenson. DeLoach provided viewers with an in-depth analysis of UDAAP definitions, coverage and current implementation procedures.

DeLoach discussed the CFPB's recent UDAAP-related enforcement actions concerning student loans, credit card products, auto loans and mortgage servicing. He also touched on the CFPB's future priorities and targets for UDAAP action, including arbitration, debt collection and overdraft protection.

For next steps, he recommended that credit unions review their institutions' products, programs and services, provide staff training and monitor CFPB enforcement actions and issuances.

In today's webcast, Lafayette Federal Credit Union Vice President of Risk Management Lynn English will discuss providing banking services to money service businesses. English will explain the risks of dealing with MSBs and how to identify and monitor high-risk accounts. She will also discuss examiner expectations for dealing with MSBs.