TCPA & UDAAP: 2 Terms to Know Before Next Week’s Webinar

TCPA & UDAAP: 2 Terms to Know Before Next Week’s Webinar

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There’s less than a week until our August webinar, Time for a Modern Compliance Program. On 8/23 at 11am Pacific (2pm Eastern), we’ll host an hour-long presentation about creating a compliance program flexible enough to survive today’s changing regulatory environment.

Attendees will hear from a panel of industry veterans, including Michael Semanie, a business attorney with Killgore, Pearlman, Stamp, Denius & Squires, P.A; Kynzie Sims, Compli’s resident authority on all things legal and compliance; and Brian Larson, our Director of Sales who is an expert on consumer lending, regulatory enforcement, and compliance management systems.

This webinar promises to be one of our most jam-packed to date, as Michael, Kynzie, and Brian explore how top-performing finance companies manage compliance in 2017. Because the presentation will cover so much, we thought it would be best to give our attendees some information to review beforehand, so we can jump right in and make the most of the hour. Depending on your level of experience, consider it a teaser or a mini-syllabus.

TCPA

The Telephone Consumer Protection Act, passed in 1991, specifies how and when companies can reach out to consumers through telephone calls, text messages, and other forms of telemarketing communication. Under TCPA, organizations must obtain prior written consent from everyone on their telemarketing list, let consumers clearly know that consent is not a condition of purchase, and provide people on the list with a way to opt out. Penalties for violating TCPA may seem small at first—an unsolicited text may get you fined $500–$1,500—but they add up quickly.

UDAAP

The words “unfair, deceptive, or abusive acts and practices” are prominent in the text of the Dodd–Frank Wall Street Reform and Consumer Protection Act, and represent a cornerstone of current financial regulations. In fact, there would be no CFPB without UDAAPs for the Bureau to take action against. There are three characteristics that generally make an act unfair, abusive, or deceptive, according to the CFPB: The act “causes or is likely to cause substantial injury to consumers, the injury is not reasonably avoidable by consumers, and the injury is not outweighed by countervailing benefits to consumers or to competition.”

Watch On-Demand Webinar

Now that you’re all caught up, make sure to watch the presentation.

Watch the Blueprint for a Modern Compliance Program webinar now.

Toby Graham

Toby manages the marketing communications team here at Compli. She's on a quest to help people tell clear, fun stories that their audience can relate to. She's a HUGE sugar junkie...and usually starts wandering the halls looking for cookies around 3pm daily.

→ Toby Graham

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