PLA today updates the UDAAP database with a series of enforcement actions from the CFPB and, notably, the prudential regulators.
The majority of enforcement actions involving allegedly unfair, deceptive, and abusive acts and practices (UDAAP) over the last six months have been filed by the Consumer Financial Protection Bureau (CFPB) using its UDAAP powers under the Dodd-Frank Act. But this latest round of enforcement activity from the Federal Deposit Insurance Corporation (FDIC) and the Board of Governors of the Federal Reserve System (Fed) is a reminder for smaller financial institutions not subject to the CFPB’s enforcement authority that the prudential regulators are still willing and able to use their enforcement powers to address unfair and deceptive practices under Section 5 of the Federal Trade Commission Act. The continued application of unfair, deceptive, and abusive principles adds to our understanding of this malleable doctrine of law.
Click here to view table.