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The Office of the Comptroller of the Currency (OCC) today published version 1.1 of its Supervisory Handbook booklet, “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices.” This booklet contains information about Section 5 of the Federal Trade Commission Act (UDAP), which prohibits banks from engaging in unfair or deceptive acts and practices, and banks related to Sections 1031 and 1036 of the Internal Revenue Code1. Contains information for examiners regarding the supervision of practices. Frank Wall Street Reform and Consumer Protection Act. We prohibit unfair, deceptive, or abusive acts and practices (UDAAP).
Updates are summarized in the “Table of updates since publication” at the back of the booklet. For more information about the OCC’s process for revising and updating booklets, please refer to the Preface booklet in the Accounting Auditor Handbook.
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This updated booklet replaces version 1.0 of the booklet of the same title published in June 2020. Also rescinded is OCC Bulletin 2020-65, “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices: New Comptroller Handbook Booklet and Cancellation.” ”, booklet version 1.0 has been submitted.
Memo for community banks
The “UDAP/UDAAP” booklet applies to the OCC’s supervision of regional banks.
highlights
updated booklet
Further clarifies guidance for examiners regarding sound risk management practices and overdraft services. Incorporates the latest information from the Consumer Financial Protection Bureau on data protection and information security. Contains an updated version of Appendix B: UDAP and UDAAP Risk Indicators. Reflects OCC and interagency issuances issued or revoked since June 2020. Includes other minor updates for general clarity.
Detailed information
Please contact Candace Matzenauer, Director of Consumer Compliance Policy, at (202) 549-5470.
Grovetta N. Gardiner
Principal Deputy Inspector General for Banking Supervision Policy
