What CFPB UDAAP Dodd-Frank Section 1031 Unfair Deceptive or Abusive Acts or Practices requires
Dodd-Frank Act Section 1031 (12 USC 5531) prohibits covered persons and service providers from engaging in unfair, deceptive, or abusive acts or practices (UDAAP) in connection with consumer financial products or services, enforced by the CFPB with civil monetary penalties up to USD 1,000,000 per day for knowing violations, and operationalized through the CFPB Supervision and Examination Manual.
Pillar: Operations & CX · Authority: Consumer Financial Protection Bureau (CFPB); US Congress · Version: 1.0.0 · Last updated:
Primary source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5531&num=0&edition=prelim
SHA-256 integrity: 8a72cbe61d638fd6cdfdf4a4d1a878bd5eee59ff8936780b20b7ee9454e72294
Primary Citations — 6 traced to source
- Dodd-Frank Act Section 1031(a), 12 USC 5531(a): The Bureau may take action to prevent a covered person or service provider from committing or engaging in an unfair, deceptive, or abusive act or practice under Federal law in connection with any transaction with a consumer for a consumer financial product or service.
- Dodd-Frank Act Section 1031(c), 12 USC 5531(c): The Bureau shall have no authority to declare an act or practice in connection with a transaction with a consumer for a consumer financial product or service to be unfair unless it has a reasonable basis to conclude that the act or practice causes or is likely to cause substantial injury to consumers which is not reasonably avoidable by consumers and such substantial injury is not outweighed by countervailing benefits to consumers or to competition.
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