1. The Dodd-Frank Act has empowered states to move against lenders engaging in deceptive, unfair or abusive acts or practices, according to principals of one of the nation’s leading law firms.
State actions have focused on lenders involved in student, auto, and payday loans. It’s unclear whether states will regularly use this authority, but it is clear that both state and Federal regulators show no sign of abating their intent to enforce consumer finance laws.
Let our former, Federal, compliance examiners review your lending products and compliance management systems to ensure that you do not run afoul of Unfair, Deceptive and Abusive Acts and Practices (UDAAP) standards.
