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ARTICLE · 13 NOVEMBER 2023

Consumer Financial Services: UDAAP Round-Up

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Welcome to the latest edition of the UDAAP Round-Up. This newsletter is designed to provide you with a periodic resource to stay abreast of federal activities regarding the prohibition on unfair...

United StatesFinance and Banking
Ori Lev
Ori Lev
Grace Kim
Grace Kim
Christa Bieker
Christa Bieker
Jedd P. Mellin
Jedd P. Mellin
Kerri Elizabeth Webb
Kerri Elizabeth Webb
Joy Tsai
Joy Tsai
Brandon A. Dennis
Brandon A. Dennis
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Letter to Readers

Welcome to the latest edition of the UDAAP Round-Up. This newsletter is designed to provide you with a periodic resource to stay abreast of federal activities regarding the prohibition on unfair, deceptive, or abusive acts or practices ("UDAAPs") in the consumer financial services space. In this edition, we cover notable policy, enforcement, and supervisory developments from April through September 2023.

During this period, we saw 18 UDAAP/UDAP complaints and consent orders from the Consumer Financial Protection Bureau ("CFPB" or the "Bureau"), the Federal Trade Commission ("FTC" or "Commission"), and the Office of the Comptroller of the Currency ("OCC"),1 numerous UDAAP supervisory findings from the CFPB, and UDAP/UDAAP-related guidance from the CFPB, FTC, and OCC.

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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