Understanding UDAAP Compliance in Automobile Repossession

According to a recent Compliance Bulletin issued by the Consumer Financial Protection Bureau (CFPB), examinations of lenders and loan servicers have uncovered violations of the unfair, deceptive, or abusive acts or practices (UDAAP), as defined under the Dodd-Frank Act, and other federal consumer protection laws during automobile repossession. The CFPB intends to hold lenders and loan servicers accountable for these UDAAP violations. Refer to this automobile repossession checklist, written by Dustin Alonzo of Hinshaw & Culbertson LLP, for a comprehensive understanding of the federal consumer protection requirements pertaining to automobile repossessions.

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