What's a UDAAP?

After the 2008 financial crisis, regulators created new laws to protect consumers and increase consumer confidence in financial transactions. Among those laws was the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Under the Dodd-Frank Act, it is unlawful for any provider of consumer financial products/services or a service provider, to engage in any unfair, deceptive, or abusive acts or practices n known as UDAAPs. In this course, we'll define what a UDAAP is and discuss how they affect consumers, as well as the financial industry. This program will also provide some examples of UDAAPs and go over how the law is enforced.