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Compliance Overview: UDAAP

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UDAAP (Unfair, Deceptive or Abusive Acts and Practices) is the latest "hot” issue the Consumer Financial Protection Bureau is monitoring throughout the debt collection industry. UDAAP is unique in that – unlike the Fair Debt Collection Practices Act – it broadly outlines what a financial institution can’t do, but puts the burden of proof for compliance squarely on collectors. Even creditors need to watch out for potential UDAAP problems; in a 2013 CFPB bulletin (included in this report), the Bureau stated its intent to make creditors and their service providers abide by the FDCPA – and by proxy UDAAP principles and guidance.



Our Compliance Overview: UDAAP is completely revised for 2015 and gives your collection agency actionable information about why UDAAP compliance matters and how to master it. Get the top 10 compliance tips, sourced from industry experts, to make sure your agency and vendors are keeping up with UDAAP requirements. Learn how the CFPB identifies and penalizes UDAAP violations with real-world examples. Use our comprehensive checklists to ensure your compliance management system goes above and beyond the requirements for a CFPB examination.

Even if you're not directly affected, being CFPB-ready can only make your collection agency more compliant.

Product: PDF Download

Pages: 204 pp including appendices


You'll Learn:

  • Who is affected by UDAAP
  • How to define unfair, deceptive and abusive practices
  • How to prepare for a CFPB examination
  • How the CFPB plans to use rulemaking to clarify UDAAP


Table of Contents:

  • What is UDAAP?
  • Common Terms and Acronyms
  • Who is Affected?
  • Compliance
  • "I’m Asking for a Friend”: Examples of UDAAP Risk
  • Is not accepting a consumer’s offer of arrangement, and instead entering a final garnishment order, considered an unfair practice?
  • If a convenience fee is charged, but a free alternative method is given, will that still be considered unfairness?
  • Calling Out UDAAP on the Phone
  • Could it be a UDAAP violation to leave a message for a consumer, and then make another call attempt to a different number directly after leaving that first message?
  • What if, at the end of a call, you ask the consumer, "Do you have any questions for me?” and the consumer still says no?
  • Collectors, Consumers and the CFPB
  • CFPB bulletins aren’t law. How much does the debt collection industry need to change its practices in the first place to be in compliance? Can’t we wait until there are official laws?
  • UDAAP Compliance Tips
  • Vendor Management
  • Call Monitoring
  • Food for Thought
  • Internal Audits
  • A number of clients are asking about truth in lending training for third party collectors, although settlement negotiations are our client parameters and agencies are not granting credit. How might that be affected?
  • Spotlight on: Banking Compliance
  • Examples
  • Violations
  • Timeline: High-Profile UDAAP Violations
  • Timeline: 2014 Consent Info
  • Module 1: Entity Business Model
  • Module 2: Communications in Connection with Debt Collection
  • Sample Checklists
  • CFPB Rules
  • How do I Implement Compliance for UDAAP
  • Appendix A: Section 5 of the Federal Trade Commission Act
  • Appendix B: The Dodd–Frank Wall Street Reform and Consumer Protection Act
  • Appendix C: CFPB Documents