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Hello Fair Banking – It’s UDAAP

Answered by: 

Question: 
Is there a new Reg or enhanced Reg DD that is “fair banking?”
Answer: 

No. But the CFPB which has oversight of UDAAP has updated it’s audit manual. It clearly states basically that all products and services offered in a discriminatory manner would be considered “unfair.” So UDAAP, and UDAP is a proxy now for deposits and products like ECOA and the FHA are for loans.

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First published on 05/07/2023

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