Webinar: UDAAP: Civil Money Penalties & Examiners' Findings on Unfair, Deceptive or Abusive Acts or Practices

Start: 3:00 pm
End: 4:30 pm
Event Days: 11/05/2013 - 11/05/2013

Issues concerning unfair, deceptive, or abusive acts or practices (UDAAP) have unfortunately become common in the credit union industry. Under the Dodd-Frank Act, it is unlawful for credit unions and banks to engage in any UDAAP. What constitutes a UDAAP, however, is often unclear.

Technically, the CFPB is the only regulatory body that has rule-making authority under the Dodd-Frank Act to define a UDAAP violation. But that has not stopped other regulators and examiners from defining their own UDAAP violations. Even if a credit union is in full compliance with all laws and regulations, an examiner may cite the credit union for a UDAAP violation if the examiner determines that "something" seems to be unfair, deceptive or abusive. This webinar will explain the acts and practices that examiners consider unfair, deceptive or abusive, and how you can protect your credit union from UDAAP violations.

About This Session:     

This webinar will cover the following topics:

  • The most common UDAAP violations
  • Ways to defend against these alleged violations
  • Actual examples of unfair, deceptive and abusive practices by credit unions
  • How to avoid these practices at your credit union
  • Marketing materials that have been found to be UDAAP violations
  • Potential liability for third-party vendors who commit UDAAP violations
  • TAKE-AWAY TOOLKIT with CFPB exam procedures regarding UDAAP, an employee training log and a staff quiz/answer key

Who Should Participate:

Loan officers, member service representatives, tellers, operations staff, auditors, compliance personnel and managers

About the Presenter:

Elizabeth Fast, JD, CPA, Spencer Fane Britt & Browne, LLP

Elizabeth Fast, Esq., is a partner with Spencer Fane Britt & Browne LLP, where she specializes in the representation of financial institutions and acts as head of the firm's training division. Before joining Spencer Fane, she was general counsel, SVP and corporate secretary of a $9-billion bank with more than 130 branches, where she managed all legal, regulatory and compliance functions. Fast is a member of the Missouri State Banking Board by appointment of the governor.

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