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B2B: UDAAP Explained

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Quiz for B2B: UDAAP Unwrapped

Back2Basics Webinars B2B: UDAAP Explained B2B: UDAAP Unwrapped

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Question 1 of 10

1. Question
1. Which Acts apply to businesses and consumers?
- A. Section 5 of the FTC Act and Sections 1031 and 1036 of Dodd-Frank
- B. Only Section 1031 of Dodd-Frank.
- C. Only Section 5 of the FTC Act.
- D. None of the above.
Question 2 of 10

2. Question
2. Which element applies to unfairness?
- A. It causes or is likely to cause substantial injury to consumers.
- B. The representation, omission, act, or practice misleads or is likely to mislead the consumer.
- C. The misleading representation, omission, act, or practice is material.
- D. Both A. and C. are correct.
Question 3 of 10

3. Question
3. Which elements of UDAAP might discrimination fall under?
- A. Only deceptive.
- B. Discrimination could potentially fall under each element of UDAAP.
- C. Only unfairness.
- D. Only abusive.
Question 4 of 10

4. Question
4. What is one of the differences between UDAP and UDAAP?
- A. UDAP applies to businesses, whereas UDAAP applies to consumers.
- B. UDAP is found under the Dodd-Frank Act, whereas UDAAP is found under the FTC Act.
- C. UDAAP includes deceptive, whereas UDAP does not.
- D. They are both the same.
Question 5 of 10

5. Question
5. True or False. The ‘D’ in UDAAP stands for ‘discrimination’, whereas the ‘D’ in UDAP stands for ‘deceptive’.
- A. True.
- B. False.
Question 6 of 10

6. Question
6. What do the Four Ps stand for?
- A. Prominent, Presented, Placement, and Pleasant.
- B. Package, Presented, Placement, and Proximate.
- C. Prominent, Birthday Presents, Placement, and Proximate.
- D. Prominent, Presented, Placement, and Proximate.
Question 7 of 10

7. Question
7. Which UDAAP does this rule fall under? “Takes unreasonable advantage of the inability of the consumer to protect its interests in selecting or using a consumer financial product or service.”
- A. Unfair.
- B. Deceptive.
- C. Abusive.
- D. Both Unfair and Abusive.
Question 8 of 10

8. Question
8. What are the biggest areas of emerging risks under UDAP / UDAAP?
- A. Technology, Privacy, and Security.
- B. Security, Discrimination, and Disclosures.
- C. Terms and Conditions, Discrimination, and Accessibility.
- D. Automated Underwriting.
Question 9 of 10

9. Question
9. True or False. Discrimination in lending falls under both the Fair Lending umbrella and the UDAAP umbrella.
- A. True.
- B. False.
Question 10 of 10

10. Question
10. True or False. Exaggerated claims, or “puffery” are deceptive, even if a reasonable consumer would not take the claim seriously.
- A. True.
- B. False.

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