Study uses proprietary data from the PerformLine platform to reveal the top monitored and remediated UDAAP terms and categories
(MORRISTOWN, NJ)—PerformLine, the only provider of omni-channel marketing compliance technology, today announced a new study that reveals the top five monitored and remediated terms and categories that companies use to ensure that their marketing materials are free from any potential unfair, deceptive, or abusive acts or practices (UDAAP).
PerformLine monitors thousands of marketing assets daily for UDAAP compliance using proprietary technology and expert rulebooks to search for potential violations. Assets include published content on web pages, including known and referring URLs, and social media posts and profiles across a wide variety of industries, including banking, mortgage, buy now, pay later (BNPL), credit cards, fintechs, partner banks, and higher education institutions.
Failure to comply with UDAAP can lead to severe enforcement actions from the regulators, including both monetary fines and more “structural” remedies, including bans on business practices, caps on size or growth, etc. Keen attention to UDAAP compliance is critical in today’s turbulent regulatory environment where consumer protection is top of mind.
“Our goal is to continuously provide valuable information and resources for our clients to help them mitigate risk,” said Rhonda McGill, Sr. Director of Client Solutions at PerformLine. “This study is just one of several resources that we provide for our clients to help them understand and meet their compliance and consumer protection goals.”
PerformLine has released a number of additional resources for compliance professionals looking to ensure compliance with UDAAP, including:
- A webinar featuring Tony Alexis, former Head of Enforcement at the Consumer Financial Protection Bureau (CFPB) and current Partner at Goodwin Law. Discussion topics included recent UDAAP developments under CFPB Director Rohit Chopra and how they impact compliance programs across the board. The webinar can be viewed on-demand here, or a recap can be read here.
- An 8-step guide to minimizing UDAAP compliance risk that compiles insights from the CFPB and several industry experts, including Tony Alexis and John Henson, General Counsel at ConsumerAffairs, to provide best practices for building a strong UDAAP compliance program and to proactively get out ahead of risk. Access the guide here.
Readers can access the study, Top 5 UDAAP Compliance Issues Across Published Content, here.
Those looking for more information on PerformLine’s UDAAP compliance solutions can request a demo here.
PerformLine is the only compliance technology that empowers leaders with one platform to mitigate regulatory risk and ensure brand safety across marketing channels, including the web, calls, messages, emails, documents, and social media. The PerformLine SaaS platform features full workflow capabilities, real-time analytics, remediation, monitoring, and archiving while providing clients with significant time and cost savings by automating compliance activities across channels and departments. Learn more at https://www.performline.com.