The abbreviation UDAAP refers to dishonest, misleading or abusive acts or actions of those who offer financial products or services to consumers.
Since the financial crisis, regulators have passed new laws to protect consumers, including the definition and removal of UDAAP.
Providers of financial products and services may not coerce or deceive consumers into making unwanted purchases, and are prohibited from making misleading consumer claims about products and services.
The Consumer Financial Protection Bureau has the authority to regulate UDAAP, while the agency shares enforcement duties with the Federal Trade Commission.
Regulators regularly assess financial products and services for harm from consumption.
The LIBOR scandal refers to a major episode of financial collusion in which various banks manipulated one of the most powerful base interest rates in the world.
White collar crime is a non-violent crime of deception or concealment in order to obtain or prevent the loss of money or gain personal or business gain.