Regulatory: Unfair, deceptive, or abusive acts or practices – Part II

Symbiotic relationships among state and federal laws, regulators and plaintiffs’ bar creates difficult compliance environment.

This column is part of a series of articles on the new Consumer Financial Protection Bureau and the upcoming wave of regulations affecting the consumer financial industry

As the consumer financial services industry adjusts to a variety of changes resulting from the Dodd-Frank Act, one area that is easily overlooked is Title X’s provisions empowering the Consumer Financial Protection Bureau to prevent unfair, deceptive, or abusive acts or practices (UDAAP). UDAAP is not getting a lot of press coverage, and does not have the mass appeal of the political and power struggles brewing over who would be the bureau’s first director and whether Congress will overhaul the new agency’s funding mechanism. Nonetheless, UDAAP is a very real concern and one that must be taken seriously.  

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Martin Bishop

Martin J. Bishop is a partner, litigation department vice chairman and co-chair of the consumer financial services litigation practice at Foley & Lardner LLP. He...

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