{"id":2895,"date":"2022-07-29T14:40:06","date_gmt":"2022-07-29T14:40:06","guid":{"rendered":"https:\/\/albanknews.com\/?p=2895"},"modified":"2022-07-29T14:40:06","modified_gmt":"2022-07-29T14:40:06","slug":"compliance-qa-recent-udaap-changes","status":"publish","type":"post","link":"https:\/\/albanknews.com\/?p=2895","title":{"rendered":"Compliance Q&#038;A: Recent UDAAP Changes"},"content":{"rendered":"<p class=\"p2\"><strong>Question<\/strong>: Have there been any changes to UDAAP recently? One of our providers has made changes to some of their documentation involving UDAAP and we are wondering if there has been a recent change.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p2\"><strong>Answer<\/strong>: Yes, the CFPB recently updated its UDAAP exam procedures for the first time in almost a decade. The main area of change is new authority under UDAAP to address discrimination in connection with <b><i>non-credit <\/i><\/b>products and services in an effort to address discrimination related to non-credit products. For example, when reviewing internal controls, the updated procedures now include: 1) whether the bank has policies and procedures to review, test, and monitor any decision-making processes for discrimination, 2) whether the bank has policies and procedures to mitigate discrimination that may arise from its decision-making processes, 3) whether the bank\u2019s policies, procedures and practices target or exclude consumers from products and services, or offer different terms and conditions, in a discriminatory manner, and 4) whether the bank has appropriate training to prevent discrimination. The full exam procedures can be found here: <a href=\"https:\/\/www.consumerfinance.gov\/compliance\/supervision-examinations\/unfair-deceptive-or-abusive-acts-or-practices-udaaps-examination-procedures\/\"><span class=\"s2\">https:\/\/www.consumerfinance.gov\/compliance\/supervision-examinations\/unfair-deceptive-or-abusive-acts-or-practices-udaaps-examination-procedures\/<\/span><\/a><\/p>\n<hr \/>\n<p class=\"paragraph\"><b>Compliance Alliance<\/b> offers a comprehensive suite of compliance management solutions. To learn how to put them to work for your bank, call <b>(888) 353-3933<\/b> or email <a title=\"mailto:info@compliancealliance.com\" contenteditable=\"false\" href=\"mailto:info@compliancealliance.com\">info@compliancealliance.com<\/a> and ask for our Membership Team.<\/p>\n<p class=\"paragraph\"><b>Sign Up for a demo:<\/b><b><\/b><\/p>\n<ul type=\"disc\">\n<li class=\"paragraph\"><a title=\"https:\/\/us06web.zoom.us\/meeting\/register\/tZwodeCpqjkuE93hwepqjsGw4Qw79t9NtZXK\" contenteditable=\"false\" href=\"https:\/\/us06web.zoom.us\/meeting\/register\/tZwodeCpqjkuE93hwepqjsGw4Qw79t9NtZXK\">Tuesdays at 10:00 AM CT<\/a><\/li>\n<li class=\"paragraph\"><a title=\"https:\/\/us06web.zoom.us\/meeting\/register\/tZcvcOGorD4qHdAPKFUIAGXaLD7aMq8mJAmu\" contenteditable=\"false\" href=\"https:\/\/us06web.zoom.us\/meeting\/register\/tZcvcOGorD4qHdAPKFUIAGXaLD7aMq8mJAmu\">Thursdays at 1:00 PM CT<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Question: Have there been any changes to UDAAP recently? One of our providers has made changes to some of their documentation involving UDAAP and we are wondering if there has been a recent change.\u00a0 Answer: Yes, the CFPB recently updated its UDAAP exam procedures for the first time in almost a decade. The main area of change is new authority under UDAAP to address discrimination in connection with non-credit products and services in an effort to address discrimination related to non-credit products. For example, when reviewing internal controls, the updated procedures now include: 1) whether the bank has policies and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1070,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19,33,23],"tags":[],"class_list":["post-2895","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breaking","category-compliance-qa","category-publications","has_thumb"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/albanknews.com\/wp-content\/uploads\/2017\/11\/compliance-alliance.png?fit=800%2C800&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p4Y3P2-KH","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2895"}],"version-history":[{"count":1,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2895\/revisions"}],"predecessor-version":[{"id":2897,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/posts\/2895\/revisions\/2897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=\/wp\/v2\/media\/1070"}],"wp:attachment":[{"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/albanknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}