PYMNTS

JANUARY 27, 2020

In essence, the change means that the agency is limiting how it can pursue such practices, which fall under a standard known as “Unfair or Deceptive Acts or Practices” (UDAAP). In the most recent news late last week, the CFPB said it would change the way it defines and addresses “ abusive ” practices within the financial services arena.

CFPB 71

CFPB Consumer Financial Protection Bureau (CFPB) UDAAP Laws 71

PYMNTS

SEPTEMBER 25, 2017

The CFPB and legal experts said the regulator could pursue Equifax under an aspect of the Dodd-Frank Act that bans unfair, deceptive and abusive acts and practices (UDAAP).

CFPB 46

CFPB UDAAP Federal Trade Commission Breach 46

PYMNTS

SEPTEMBER 22, 2017

The CFPB and legal experts said the regulator could pursue Equifax under an aspect of the Dodd-Frank Act banning unfair, deceptive and abusive acts and practices (UDAAP). There is, however, some question as to whether they have the authority to do so — since Equifax is not strictly a financial company.

UDAAP 46

UDAAP CFPB Federal Trade Commission Breach 46

Payments Source

NOVEMBER 12, 2019

It should offer some form of guidance to spur innovation, a former official with the bureau says.

CFPB 68

CFPB FinTech Innovation UDAAP 68