UDAAP resurfaces – Is your bank in compliance?

Description

Abstract: During the COVID-19 pandemic, many banks changed the way they do business by reducing lobby hours, closing branches, and relying more on mobile banking apps and online transactions. This article notes that in light of recent Consumer Financial Protection Bureau changes signaling a return to more aggressive enforcement, it’s a good idea for banks to review their unfair, deceptive or abusive acts or practices (UDAAP) compliance policies and update them to reflect current business practices.