CFPB to Host Symposium on UDAAP’s ‘Abusive’ Standard

As previewed earlier this year by CFPB Director Kathy Kraninger, as part of its effort to clarify the meaning of “abusive acts or practices,” the bureau will host a symposium on June 25 in Washington, D.C. Through the symposium, the bureau will solicit stakeholder feedback on the abusive component of UDAAP, which is much less defined and understood than the unfair or deceptive acts or practices standard.

The symposium—which will be webcast on the CFPB website—will feature two panels of UDAAP experts that will discuss policy issues related to the abusive standard under the Dodd-Frank Act, and how the standard has been used in practice.