It’s More Important Now Than Ever to Keep Calm and Prevent UDAAP

Feb. 27 Core Curriculum seminar is the place to be—online—following the CFPB’s release of an updated UDAAP policy statement.

2/18/2020 11:00 AM

AdvocacyCFPBNewsCore
It’s More Important Now Than Ever to Keep Calm and Prevent UDAAP

ACA International’s popular Keep Calm and Prevent UDAAP Core Curriculum seminar returns to our online line-up Feb. 27; this time following the release of the Consumer Financial Protection Bureau’s long-awaited policy statement on supervision and enforcement actions.

The policy statement, issued in January, provides sought after clarifications concerning how the bureau will apply the “abusiveness” standard in supervision and enforcement matters.

ACA actively sought this type of clarification through engagement with the CFPB and memorialized this request in a letter to Director Kathy Kraninger shortly after her confirmation.

Now, Certified Instructors Leslie Bender, IFCCE, CCCO, chief strategy officer and general counsel at BCA Financial Services Inc., and Debra Ciskey, IFCCE, executive vice president of The Collections Coach LLC, are excited to review federal guidelines for Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) using the new information from the CFPB.

Bender and Ciskey will host a quiz of sorts during the seminar to provide insights on how well your team and network of partners can spot UDAAP while drilling down to the basics to prepare you to develop a UDAAP risk management plan.

Effective immediately, the CFPB’s policy statement intends to apply the following principles during supervision and enforcement work by:

  • Focusing on citing or challenging conduct as abusive in supervision and enforcement matters only when the harm to consumers outweighs the benefit;
  • Generally avoiding “dual pleading” of abusiveness and unfairness or deception violations arising from all or nearly all the same facts, and alleging “stand alone” abusiveness violations that demonstrate clearly the nexus between cited facts and the bureau’s legal analysis; and
  • Seeking monetary relief for abusiveness only when there has been a lack of a good-faith effort to comply with the law, except the bureau will continue to seek restitution for injured consumers regardless of whether a company acted in good faith or bad faith.  

Notably, in the policy statement, the bureau leaves open the possibility of engaging in a future rulemaking to further define the abusiveness standard. ACA will continue efforts to seek any additional necessary clarity surrounding UDAAP.

Don’t worry, the course, even with the new CFPB guidance in place, is designed to help participants create a UDAAP risk management plan that encompasses their business and shared compliance obligations with clients and service providers.

This course will also prepare participants to look at the issue from the consumer’s perspective to identify potential UDAAP risks and harm and integrate UDAAP into a compliance management system regarding board and management oversight and other controls as required by the CFPB.

In the end, participants will earn 0.75 Professional Development Units, which can be applied toward ACA’s Scholar and Fellow designations. 

Register for Keep Calm and Prevent UDAAP online and tell your industry peers!

Read more on the UDAAP updates from the CFPB here: ACA International’s Advocacy Efforts Highlighted in CFPB’s New UDAAP Policy Statement


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

It’s More Important Now Than Ever to Keep Calm and Prevent UDAAP

ACA International’s popular Keep Calm and Prevent UDAAP Core Curriculum seminar returns to our online line-up Feb. 27; this time following the release of the Consumer Financial Protection Bureau’s long-awaited policy statement on supervision and enforcement actions.

The policy statement, issued in January, provides sought after clarifications concerning how the bureau will apply the “abusiveness” standard in supervision and enforcement matters.

ACA actively sought this type of clarification through engagement with the CFPB and memorialized this request in a letter to Director Kathy Kraninger shortly after her confirmation.

Now, Certified Instructors Leslie Bender, IFCCE, CCCO, chief strategy officer and general counsel at BCA Financial Services Inc., and Debra Ciskey, IFCCE, executive vice president of The Collections Coach LLC, are excited to review federal guidelines for Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) using the new information from the CFPB.

Bender and Ciskey will host a quiz of sorts during the seminar to provide insights on how well your team and network of partners can spot UDAAP while drilling down to the basics to prepare you to develop a UDAAP risk management plan.

Effective immediately, the CFPB’s policy statement intends to apply the following principles during supervision and enforcement work by:

  • Focusing on citing or challenging conduct as abusive in supervision and enforcement matters only when the harm to consumers outweighs the benefit;
  • Generally avoiding “dual pleading” of abusiveness and unfairness or deception violations arising from all or nearly all the same facts, and alleging “stand alone” abusiveness violations that demonstrate clearly the nexus between cited facts and the bureau’s legal analysis; and
  • Seeking monetary relief for abusiveness only when there has been a lack of a good-faith effort to comply with the law, except the bureau will continue to seek restitution for injured consumers regardless of whether a company acted in good faith or bad faith.  

Notably, in the policy statement, the bureau leaves open the possibility of engaging in a future rulemaking to further define the abusiveness standard. ACA will continue efforts to seek any additional necessary clarity surrounding UDAAP.

Don’t worry, the course, even with the new CFPB guidance in place, is designed to help participants create a UDAAP risk management plan that encompasses their business and shared compliance obligations with clients and service providers.

This course will also prepare participants to look at the issue from the consumer’s perspective to identify potential UDAAP risks and harm and integrate UDAAP into a compliance management system regarding board and management oversight and other controls as required by the CFPB.

In the end, participants will earn 0.75 Professional Development Units, which can be applied toward ACA’s Scholar and Fellow designations. 

Register for Keep Calm and Prevent UDAAP online and tell your industry peers!

Read more on the UDAAP updates from the CFPB here: ACA International’s Advocacy Efforts Highlighted in CFPB’s New UDAAP Policy Statement


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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