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Tuesday, October 22, 2013

CFPB Enforcement Action: Examples of UDAAP Violations and Compliance Plan Requirements-Are You in Compliance?

By ABIA Outside Counsel Chrys Lemon and Adam Maarec, McIntyre & Lemon, PLLC

In September 2013, the Consumer Financial Protection Bureau issued a consent order against a national bank for improper billing and administration practices in connection with the sale of an “add-on product.” The bank agreed in its consent order to refund over $309 million of fees, over-limit charges, and interest, and to pay a $20 million civil money penalty.

Click here for a members only review of the specific practices that were considered “unfair, deceptive, or abusive” by the Bureau and the mandated elements of a new compliance plan for the bank. If you are having trouble logging on or you are with a member that in not a bank, please contact us and we will email you a copy.

ABIA members may access a wealth of compliance information - including our flagship Compliance Handbook on our compliance page. If you need help logging on please contact us and we will be happy to assist you.