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New Life for UDAAP Claims

The Consumer Financial Protection Bureau(“CFPB”) is a federal watch dog group responsible for policing financial institutions and protecting consumers from scams and certain abusive practices. They took an interesting step recently in regards to the applicability of UDAAP claims. The Dodd-Frank Wall Street Reform and Consumer Protection Act, aka Dodd-Frank bans financial institutions from engaging in certain unfair, deceptive or abusive acts or practices, aka UDAAP actions. The CFPB has authority under Dodd-Frank to go after companies who commit UDAAP violations. Most consumer protection laws can only be invoked a few years after the wrongful conduct occurs however an administrative law judge recently ruled that the CFPB can bring enforcement actions as to UDAAP claims twelve years after the conduct occurred. This sort of extended time frame is highly unusual. Will the CFPB use this ruling to pursue new enforcement actions against some of the entities involved in the financial crisis?

You can read more of the details of the ruling at Lexology.

This document has been provided for informational purposes only and is not intended and should not be construed to constitute legal advice. Please consult your attorney in connection with any legal issues related to the matters discussed in this article as the applicability of state, local and federal laws may vary.

  • ABC News
  • American Civil Liberties Union
  • CBS 4
  • CNN
  • Daily Business Review
  • Florida Trend's - Florida Legal Elite 2014
  • Florida Trend's - Florida Legal Elite 2014
  • National Association of Consumer Advocates
  • National Association of Consumer Bankruptcy Attorneys
  • NBC News
  • National Consumer Law Center
  • The New York Times
  • Avvo
  • Avvo
  • Avvo
  • Avvo
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