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UDAAP penalties are costly

Answered by: 

Question: 
How much "teeth" does UDAAP really have to penalize a bank?
Answer: 

In one enforcement case, the bank's third party vendor processed unauthorized remotely created checks. Because the bank should have recognized the fraud and it failed to act, the bank was hit with a UDAAP action. This included restitution ordered of $125 million. Other cases involve credit cards and a $6 million restitution and reserve settlement, another was $4 million. The list goes on.

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First published on 03/20/2022

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