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Fed System offers free March 5 UDAP compliance webinar
WASHINGTON (2/12/13)--The Federal Reserve System is offering a free March 5 webinar on compliance issues related to financial institution unfair and deceptive practices (UDAP).

The webinar is part of an ongoing series focused specifically on consumer compliance issues. The March 5 session will cover UDAP topics, including:

  • UDAP legal analysis and examination procedures;
  • UDAP and bank holding company risk;
  • Case studies and emerging areas of risk; and
  • Recommendations for implementing an effective UDAP compliance program.
The webinar will also cover the legal authority of the Fed under the Federal Trade Commission Act to enforce UDAP. The FTC Act charges the Fed, along with the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., and the National Credit Union Administration, to enforce UDAP, issue rules and regulations and receive consumer complaints.

In 2010, the Dodd-Frank Act generally maintained the FTC Act's definitions of "unfair" and "deceptive," while also adding a third element, "abusive."  It assigned the Consumer Financial Protection Bureau with UDAAP enforcement authority for institutions with over $10 billion in assets.

Use the resource link for registration information.
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