Samuel Friedman Quoted in Compliance Week on the CFPB’s UDAAP Approach
Sirote & Permutt, P.C. shareholder Samuel Friedman was recently quoted in an article published in Compliance Week on the ambiguity of the Consumer Financial Protection Bureau’s (CFPB) unfair, deceptive or abusive acts or practices (UDAAP) approach. Compliance Week is the leading information service on corporate governance, risk and compliance.
Friedman, whose practice focuses on CFPB compliance, gave insight in the article, stating, “A company can be in technical compliance with every other state and federal law, but still be breaking the law because you are doing something that, in the eyes of the CFPB, is unfair, deceptive, or abusive.” He shared additional information on why it is so challenging for companies to stay compliant under UDAAP. The article can be found at www.complianceweek.com.
Earlier this year, as part of the Sirote CFPB Compliance Series, Friedman and Sirote shareholder Maurice Shevin presented on the challenges of UDAAP to in-person and online attendees. Friedman and Shevin also author the Sirote Consumer Finance Report which includes weekly articles on the CFPB and current news in the Consumer Finance industry.