Unfair, Deceptive or Abusive Acts or Practices (UDAAP)
Unfair, deceptive, or abusive acts and practices (UDAAP) can cause significant financial injury to consumers, destroy consumer confidence, and undermine the financial marketplace. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), it is unlawful for any financial product or service provider to engage in any unfair, deceptive, or abusive act or practice.
This course will describe the main parts of the Dodd-Frank Act and how organizations can prevent violations of UDAAPs.
Covered in this course:
- Purpose of the Dodd-Frank Act
- Definition and examples of unfair, deceptive or abusive acts or practices
- Your obligations under the Dodd-Frank Act
- Enforcers of the Dodd-Frank Act
- Penalties involved for violations under the Act
- Preventative steps you can take to avoid UDAAP violations