Avoiding the Bureau's Crosshairs: Managing UDAAP Risk for Banks and Other Consumer Financial Services Companies
The Dodd-Frank Act empowers the Consumer Financial Protection Bureau to protect consumers from unfair, deceptive, or abusive acts or practices (UDAAP) in the consumer financial services industry. This new law is an overlay to existing laws, such as Section 5 of the FTC Act and similar state statutes that, although historically enforced sparingly against consumer financial services companies, prohibit such practices. Today, UDAAP is a top priority for the Consumer Financial Protection Bureau, prudential regulators, state attorneys general, and the plaintiffs’ bar. As a result, UDAAP presents a tough, complex, and potentially costly compliance and risk management problem for any institution that provides consumer financial services.
Join Foley Partners Michael C. Lueder and Martin J. Bishop, Chair and Vice Chair, respectively, of the firm’s Consumer Financial Services Litigation Practice, for a Web conference designed to give you a better understanding of UDAAP. Among other things, the presenters will:
- Examine UDAAP’s provisions and standards
- Explore the reasons why UDAAP is such a difficult issue to manage from a compliance and risk perspective
- Discuss the significant risks UDAAP presents for every consumer financial services company
- Provide concrete and practical solutions developed to manage the risk presented
Foley & Lardner LLP will apply for CLE and HRCI credit after the program, wherever applicable. Foley & Lardner LLP certifies that this activity has been approved for California MCLE credits by the State Bar of California in the amount of one General credit. Foley & Lardner LLP is a State Bar of California MCLE approved provider. Please note that participants must log in to both the teleconference and LiveMeeting portions on the date of the event; credit may not be obtained by viewing and/or listening to a program recording after the event.