How Do You Rate Your Fairness Awareness?
Jeremiah S. Buckley
March 9, 2011
In the 848 pages of the Dodd-Frank Act, a short provision, Section 1013, authorizes the new Consumer Financial Protection Bureau to take enforcement action to prevent “unfair, deceptive or abusive acts or practices” in connection with consumer financial transactions.
While this provision is a variant on UDAP language that has been a feature of federal law for many decades, in the hands of the CFPB and in the current environment, it could turn out to be the most consequential part of Dodd-Frank, changing the compliance paradigm for banks and other financial services providers.
Published by American Banker