The CFPB & UDAAP: A "Know It When You See It" Standard?

On January 22, 2015, Donald Lamp, Nancy Thomas, and James Nguyen will participate on this West LegalEdcenter Webinar.

About the webinar:

Institutions regulated by the Consumer Financial Protection Bureau (CFPB) and subject to its enforcement authority are dealing with of the agency's sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP). To date, the CFPB has relied on this authority to open investigations, initiate proceedings, and enter into a number of broad-ranging consent orders requiring regulated entities to pay hundreds of millions of dollars in restitution and penalties. However, CFPB Director Richard Cordray has consistently indicated that the CFPB will not be issuing rules to define or describe acts or practices deemed to be UDAAP, choosing instead to define UDAAP through enforcement. Moreover, the CFPB has made it clear that complying with all applicable federal consumer financial protection laws and regulations is not