The OCC issued version 1.1 of the “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices” booklet of the Comptroller’s Handbook.
Details: The booklet contains information for examiners regarding supervision of a bank’s practices related to:
Section 5 of the Federal Trade Commission Act, which prohibits banks from engaging in unfair or deceptive acts or practices.
Sections 1031 and 1036 of the Dodd-Frank Act, which prohibit unfair, deceptive, or abusive acts or practices.
Updates: The OCC said the revised booklet:
Provides clarity on sound risk management practices and guidance to examiners regarding overdraft services.
Incorporates updates from the Consumer Financial Protection Bureau regarding data protection and information security.
Includes an updated version of the “Appendix B: UDAP and UDAAP Risk Indicators.”
Reflects OCC and interagency issuances that have been published or rescinded since June 2020.
