5 Revealing Points On UDAAP From Director Cordray

On Feb. 20, 2013, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered a speech to the Consumer Advisory Board in Washington, D.C. The director's prepared remarks are revealing and likely foreshadow more of what's to come for our industry.

1 First, Director Cordray emphasized the importance of the bureau's UDAAP duties:

The new financial reform law makes it illegal to engage in unfair, deceptive, or abusive acts or practices in connection with consumer financial products or services, and directs us to enforce this prohibition. More generally, we are charged with the duty of ensuring fair, transparent, and competitive markets. We recognize that a key to protecting consumers is strong and vigilant enforcement.