More On

Regulatory: Part 1—Unraveling UDAAP in the consumer financial services industry

The Consumer Financial Protection Bureau has done next to nothing to help the industry understand the developing risks associated with consumer lending and servicing under the new UDAAP standards

This article is the first in a series of six articles concerning UDAAP.

In response to the lingering recession of the late-2000s, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act and, among other things, created the Consumer Financial Protection Bureau (CFPB). Congress bestowed upon the up-start Bureau a broad new power to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) across the entire consumer financial services industry. Today, with Dodd-Frank now in force, the bureau serves as the single primary regulator responsible for enforcing the federal consumer financial protection laws across all facets of consumer lending and other consumer-based financial products and services. This includes, of course, UDAAP.

author image

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...

Bio and more articles

Join the Conversation

Advertisement. Closing in 15 seconds.