Since becoming one of the primary points of focus for the Consumer Financial Protection Bureau (CFPB), UDAAP has presented some concern to third party risk professionals. In this podcast we cover procedures and best practices to effectively manage UDAAP and your third parties.
Hi – my name is Josh with Venminder. In this 90-second podcast you’re going to learn about UDAAP and how it relates to your third party risk.
First…what is UDAAP? UDAAP stands for unfair, deceptive or abusive acts or practices and is designed to help protect your customers.
If you’re overlooking customer or third party complaints, it might lead to a UDAAP violation or a negative reputation.
Here are 5 recommendations that we have to effectively manage UDAAP and your third parties:
If you understand and monitor UDAAP properly, you’ll ensure customer satisfaction, help achieve expense reductions, improve staff alignment and reduce your organization’s reputation risk.
Thanks for tuning in; catch you next time!