The rules related to Unfair, Deceptive or Abusive Acts or Practices / UDAAP affect every product and / or service offered by your bank.
The Dodd-Frank Act expanded UDAP to UDAAP by adding rules for abusive acts or practices. Regulatory agencies have been placing increased attention on the topic for several years and that attention is expected to increase over the next several years. This toolkit will help you develop a complete Compliance Management System for UDAAP.
A significant number of banks have received enforcement actions as a result of engaging in unfair, deceptive or abusive acts or practices. When problems arise with UDAAP, regulators require banks to develop a Compliance Management System. Don’t wait until you are required by the regulators to develop your system. Develop it now. A well-developed Compliance Management System prevents UDAAP problems.
The UDAAP Compliance Management System Toolkit Contains:
- UDAAP Policy and Procedures: Ensure your bank’s policy is in compliance with the rules.Contains:
- UDAAP Risk Assessment: Managing Risks Related to UDAAP: Outlines guidance on best practices to address areas with the greatest potential for UDAAP.
- UDAAP Complaint Management System / Consumer Complaint Procedures: Excellent system to ensure complaint management. Covers – Red Flags, Complaint Analysis, Substantive Complaints, Regulatory Reference, Complaint Management Worksheet
- UDAAP Compliance Review Procedures: Ensure your bank’s compliance with the rules.
- UDAAP Consumer Complaint Form: Excellent tool to gather intelligence from consumer contacts for organization, retention and use as part of your bank’s Compliance Management System.
- UDAAP Complaint Management Worksheet: Ensures the ongoing review of records of recent consumer complaints and inquiries about your bank and service providers.
- UDAAP Complaint Management Log: UDAAP examination procedures speak of a complaint log. This is an excellent companion feature and compliance tool to your Compliance Management System.
- UDAAP PowerPoint Training: Ensure the necessary UDAAP training for your staff. UDAAP affects every product and / or service offered by your bank.
- UDAAP Compliance Review Model with Report Format: Excellent tool to ensure complete compliance with the UDAAP requirements, along with automatically generating your Compliance Review Report!