The Ultimate UDAAP Marketing Compliance Checklist for Consumer Finance

The Ultimate UDAAP Marketing Compliance Checklist for Consumer Finance Companies

For consumer finance organizations, failure to comply with UDAAP regulations can result in enforcement actions, costly penalties, and significant reputational damage.

NOT SURE WHERE TO START WITH UDAAP COMPLIANCE?

We've got you covered.

Use this checklist to shape your organization’s UDAAP marketing compliance program—from policies and procedures, risk assessments, training and education, compliance monitoring, remediation, and technology—to ensure UDAAP compliance across your organization, and third parties and partners.

Marketing and advertising guidelines to ensure marketing materials are truthful, transparent, and do not contain any deceptive or misleading information

Require the use of clear and conspicuous disclosures to inform consumers about the terms and conditions of products and services

Procedures in place to promptly and effectively respond to consumer complaints and inquiries around UDAAP, submitted both internally and externally (like to the Consumer Financial Protection Bureau, for example)

Include guidelines for handling, documenting, and resolving complaints in a timely manner

Communication policies to ensure that practices are transparent and don’t involve abusive or harassing tactics across calls, messages, or emails

Include guidelines for clear and transparent disclosures when communicating with consumers about certain products or services

Ongoing training and education programs for all employees on UDAAP regulations (more on this below)

Vendor management policies for monitoring and managing third-party partners and service providers to ensure that they are compliant with UDAAP regulations

Regularly evaluate all products and services offered by the company, or third-party vendors and service providers

Prioritize UDAAP risks based on the likelihood and potential impact of harm to consumers, and develop strategies for mitigating those risks

Develop and maintain a UDAAP risk management plan that includes guidelines for monitoring and mitigating UDAAP risks identified during assessments, and assign responsibility for oversight and execution of the plan

Develop procedures for responding to and reporting any UDAAP violations, including guidelines for timely and effective resolution of violations

Ensure that all third-party vendors and service providers are included in risk assessments, and establish processes for monitoring and reviewing their UDAAP risks on an ongoing basis

Regularly communicate UDAAP risk management strategies and results to senior management and the board of directors, to ensure that UDAAP risks are being effectively managed and mitigated across the organization

Automatic discovery and ongoing monitoring across marketing channels, third parties, and partners

OCR capabilities to review and score the text from within any image, such as on social media or advertisements

Ready-to-use and expertly-built UDAAP rulebooks designed to identify potential UDAAP violations to monitor content against

A centralized workflow that tracks activities across both internal departments and external partners, affiliates, or third parties

Detailed reporting and analytics for compliance and performance

Archived history from discovery through remediation for any audit situation

Opportunity for scale that makes it easy to add additional marketing channels for review, including the web, social media, calls, messages, emails, and documents

Mitigate UDAAP Risk with PerformLine

PerformLine is the only technology that provides an omni-channel compliance solution across six marketing channels, including the web, calls, emails, messages, documents, and social media.

This proprietary technology, paired with ready-to-use and expertly-crafted UDAAP rulebooks, takes the guesswork out of compliance and provides a solution that’s automated, efficient, and scalable.

The best part? It’s all customizable and tailored to fit your organization’s needs.

The Ultimate UDAAP Marketing Compliance Checklist for Consumer Finance Companies

NOT SURE WHERE TO START WITH UDAAP COMPLIANCE?

We've got you covered.

Policies and Procedures

Risk Assessments

Training and Education

Enforcement + Remediation

Monitoring + Auditing

Technology

Mitigate UDAAP Risk with PerformLine