CFPB Publishes Bulletin Prohibition of UDAAP in the Collection of Consumer Debts 

As part of the Dodd-Frank Act, credit unions are legally required to refrain from committing unfair, deceptive or abusive acts or practices in violation of the act. The CFPB published a bulletin on July 10 to provide clarity on the impact of UDAAP related to the collection of consumer debts. The bulletin describes certain acts or practices related to the collection of consumer debt that could constitute as prohibited UDAAPS, depending on facts and circumstances.

The bulletin can be found here.


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