Mar 25

Mar 25 VIDEO: CFPB Rescinds Abusive Guidance

In this Compliance Clip (video), Adam discusses a change in the CFPB’s approach to the “abusive” standard of UDAAP. Specifically, the CFPB announced in early March of 2021 that it had rescinded its January 24, 2020 policy statement titled “Statement of Policy Regarding Prohibition on Abusive Acts or Practices.” This policy statement had outlined how the CFPB had intended to enforce the “Abusive Standard of UDAAP, and thus, this change could have a significant impact on UDAAP enforcement going forward.

For those interested in taking a deep dive into UDAAP, our UDAAP Foundations training program is available in our store here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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