Categories
payday installment loans online

Compliance We Blog. I will hear you saying to yourself: “Why should credit unions worry about this non-depository payday loan provider?

Compliance We Blog. I will hear you saying to yourself: “Why should credit unions worry about this non-depository payday loan provider?

UDAAP Shark into the Liquid!!

We’ve all seen Jaws as well as other shark films. A team of swimmers are enjoying a trip to the coastline, swimming within the ocean, blissfully unacquainted with the chance lurking below|at the beach, swimming within the ocean, blissfully unacquainted with the chance lurking below day. The trailers of these movies often feature a voice that is ominous one thing to your effectation of: “just once they thought it absolutely was safe to get within the water…”

There’s a shark that credit unions should look out for too – no, I’m not speaking about a good white or even a hammerhead, but alternatively unjust, Deceptive, and Abusive functions and methods, or UDAAP. Even if it appears that a customer finance legislation may not connect with a credit union, UDAAP could nearby be lurking prepared to sink its teeth in to a credit union that gets too close.