The Consumer Financial Protection Bureau’s (CFPB) exercise of its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial institutions and financial services companies regulated by the agency. As promised by CFPB Director Richard Cordray, the CFPB has defined UDAAP primarily through enforcement actions, along with a few agency-issued supervisory findings and guidance bulletins.
To assist regulated and potentially regulated entities in understanding how the CFPB will exercise its UDAAP authority, we have issued “Know It When You See It” Alerts bi-annually since June 2014 (see our 2015 Year-End Update). These Alerts included a chart listing the specific acts and practices that the CFPB had alleged and/or identified as unfair, deceptive, and/or abusive from its inception, based on the following sources:
Given the critical need to keep up with the CFPB’s ever-expanding interpretations of the scope of UDAAP, we have posted this chart here and will update it in real time between Alert publications.
Unfair, deceptive, or abusive acts and practices identified or alleged by the Consumer Financial Protection Bureau are organized by the following product markets:
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