OCC Updates UDAAP Resources - Compliance Cohort

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Jun 30 OCC Updates UDAAP Resources

Adam Witmer Regulatory Update, UDAAP

On 6/29/2020, the Office of the Comptroller of the Currency (OCC) issued an updated section to their Comptroller’s Handbook by releasing a new “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices” booklet. In their release, the OCC explains that highlights of this booklet include:

the OCC's risk-based supervision approach and is consistent with the OCC's existing principles for assessing banks' compliance management systems as they relate to UDAP and UDAAP.
consistency with OCC Advisory Letter 2002-3, "Guidance on Unfair or Deceptive Acts or Practices."
examination procedures for examiners to assess the effectiveness of a bank's compliance management systems in managing UDAP and UDAAP risks.
UDAP and UDAAP red flags and risk indicators that can be used to help identify acts or practices that may raise UDAP or UDAAP concerns.
reinforcement of the OCC's continued commitment to banks' compliance with section 5 of the Federal Trade Commission Act and sections 1031 and 1036 of the Dodd–Frank Wall Street Reform and Consumer Protection Act.

This booklet also rescinds two older sections of the Office of Thrift Supervision Examination Handbook.

The new OCC booklet can be found here.

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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