UDAAP continues to evolve and now “junk fees” have become an issue with the regulators. With new proposals coming out that address what junk fees are, can banks continue to operate with the “business as usual” mindset?

The CFPB has been particularly focused on junk fees—unexpected or hidden fees that consumers often encounter in banking and other financial services. These fees can include overdraft fees, non-sufficient funds (NSF) fees, and various other charges that can add up and surprise consumers. The CFPB has taken several steps to address these issues, including proposing new rules that prohibit certain types of junk fees and expanding its enforcement efforts to prevent unfair discrimination in financial products

UDAAP is here to stay but now you need to be aware of additions from the regulators that are now off limits. This presentation will help you digest what is and is not a junk fee and what will continue to be covered by this new category.

Topics covered in this session

• Various groups of “junk fees” according to the CFPB
• Where this issue is in the regulatory regime with regard to final rules or proposed rules
• Address related data gathering efforts the regulators are involved with and what you can do now to protect your compliance program from running afoul of this changing new compliance area 
• Policies and procedures
• What changes will you need to make to address these areas
• Is there another phase to move through before you need to take action with regards to your current contracts, loan agreements, and other pertinent documents