WebMar 18, 2024 · As part of future UDAAP exams, CFPB examiners will now review models, algorithms, and decision-making processes for potentially “unfair” discrimination; monitor … WebJan 23, 2024 · Posted in CFPB, Regulatory and Enforcement, UDAAP The CFPB has issued a new circular (2024-01) that addresses the circumstances under which “negative option marketing practices” can violate the CFPA prohibition of unfair, deceptive, or abusive acts or practices.
Consumer Financial Protection Circular 2024-04
WebMar 22, 2024 · On March 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a press release and an updated UDAAP exam manual setting forth its intentions to use the Consumer Financial Protection Act's (CFPA) prohibition against unfair, deceptive, or abusive acts or practices (UDAAPs) as a supervisory and enforcement tool against … WebMar 17, 2024 · The updated UDAAP examination procedures direct examiners to identify potentially discriminatory acts or practices with respect to virtually any consumer financial product or service and include new language regarding potential indicators of disparate treatment and disparate impact in various sections. The Bureau provides the following … franck thilliez sharko résumé
Bank Associations Sue The CFPB Over Discrimination Regulations
WebApr 11, 2024 · A year ago, Director Chopra’s CFPB updated the UDAAP examination handbook to add alleged “discriminatory conduct” as a basis for UDAAP enforcement, drawing concern from the financial... WebAug 11, 2024 · The CFPB is unaware of any instance in which a court applying an unfairness standard has found that the substantial injury caused or likely to have been caused by a company’s poor data security practices was outweighed by countervailing benefits to consumers or competition. 7 Given the harms to consumers from breaches … WebMar 18, 2024 · On March 15, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued an updated examination procedures manual for Unfair Deceptive or Abusive Acts or Practices (“UDAAP”). 1 The updated examination guidance makes clear that the CFPB will take an expansive view of “unfairness” under UDAAP to encompass fair lending and anti … franco iggy azalea