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#1599946 - 09/02/11 07:52 PM UDAAP
sewanee, CRCM Offline
Gold Star

Registered: 12/07/06
Posts: 406
Loc: TN
Does anyone have a reference for the new UDAAP regs? Is anything definite yet?
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#1599950 - 09/03/11 12:11 AM Re: UDAAP [Re: sewanee, CRCM]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 50760
Loc: Galveston, TX
What new regulations are you referring too?
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#1599968 - 09/05/11 03:33 PM Re: UDAAP [Re: rlcarey]
Bullseye Offline
Platinum Poster

Registered: 01/27/04
Posts: 960
Check BOL's Learning Connect. I believe I just saw that they have a webinar coming up on this topic.

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#1599972 - 09/05/11 07:06 PM Re: UDAAP [Re: Bullseye]
Kathleen B Online

10K Club

Registered: 12/27/00
Posts: 17718
But there really is no new regulation...addition of abusive by Dodd Frank to Unfair and Deceptive. And stronger enforcement; much stronger enforcement.


Edited by Kathleen B (09/05/11 07:40 PM)
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Kathleen Blanchard CRCM "Kaybee"
Lending/CRA/HMDA/Mapping/Consulting
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#1600437 - 09/07/11 10:22 AM Re: UDAAP [Re: Kathleen B]
lvc Offline
Platinum Poster

Registered: 07/11/07
Posts: 920
Our bank has less than $10 billion in assets therefore we will not be directly regulated by the CFPB.

That being said, should we update our UDAP policy to include abusive and reference to Dodd Frank Title X?

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#1600457 - 09/07/11 10:52 AM Re: UDAAP [Re: lvc]
Pale Rider Offline
10K Club

Registered: 08/09/02
Posts: 33964
Loc: under the Lone Star
It all comes down to common sense. Would you allow or want your children to take out a loan with the same terms and conditions as you are offering this third party?
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"Call it the stupidity of the American voter... but basically that was really, really critical for the thing to pass,"

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#1600496 - 09/07/11 11:35 AM Re: UDAAP [Re: lvc]
Ted Dreyer Offline
Diamond Poster

Registered: 04/05/01
Posts: 2216
lvc: Yes, you probably should. The CFPB is not only given the power under section 1031 of the DFA to issue regulations on UDAAP covering consumer financial services providers but has enforcement power in that area as well.

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#1600737 - 09/07/11 05:11 PM Re: UDAAP [Re: Ted Dreyer]
lvc Offline
Platinum Poster

Registered: 07/11/07
Posts: 920
Does UDAAP apply to a Bank Holding Co?

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#1600835 - 09/08/11 09:05 AM Re: UDAAP [Re: lvc]
lvc Offline
Platinum Poster

Registered: 07/11/07
Posts: 920
Bump

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#1600905 - 09/08/11 10:22 AM Re: UDAAP [Re: lvc]
Ted Dreyer Offline
Diamond Poster

Registered: 04/05/01
Posts: 2216
It does if the holding company either engages in offering or providing consumer financial services or if it acts as a service provider to institutions that do.

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#1601143 - 09/08/11 01:51 PM Re: UDAAP [Re: Ted Dreyer]
lvc Offline
Platinum Poster

Registered: 07/11/07
Posts: 920
Thanks

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