Web25 Mar 2024 · On March 16, 2024, the CFPB published a revised examination procedure guide (Guide) for unfair, deceptive, or abusive acts or practices (UDAAP). In its press … Web17 Mar 2024 · On March 16, 2024, the CFPB issued its revised UDAAP exam manual, which codifies discrimination in the provision of any consumer financial product or service as a violation of UDAAP under the unfairness standard. ... but could be interpreted to include disparate impact and is not tethered to certain protected classes, as in the case of ECOA ...
United States: CFPB Leverages UDAAP Authority To Prohibit ...
WebThe entity has established policies and procedures to mitigate potential UDAAP concerns arising from the use of its decision-making processes, including discrimination. ... Notably absent from the CFPB’s new guidance is a reference to protected classes or, alternatively, a permissible basis or safe harbor for differentiating between consumers Web16 Nov 2012 · The audit questions must be carefully written to make sure that they are objective and include only well settled concepts of fairness and transparency. 5. Third-party management is essential to effective UDAAP compliance. The actions of third parties played a large role in the CFPB enforcement actions. highlights for short grey hair
CFPB Broadens Scope of UDAAP Authority to ... - Founders …
Web10 May 2024 · The Consumer Financial Protection Bureau has published revised examination guidance and a compliance bulletin that expand the scope of unfair, deceptive or abusive acts or practices. This expansion will result in greater scrutiny and increased enforcement actions for entities regulated by CFPB. Webhistorical approach to UDAAP highlights the political divide surrounding this authority. Former CFPB Director Richard Cordray, nominated by President Obama, defined and ... policy results in di scrimination against members in a protected class or on a prohibited basis that results in fewer services or access to information than other members ... Web31 Mar 2024 · Under the Dodd-Frank Wall Steet Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), the CFPB was vested with the authority to address certain unfair, … highlights for short dark hair 2014