Feb 19 2025 28 mins 1
In this episode of the Payments Podium Podcast, the Payments Professor, Kevin Olsen, sits down with special guest Karen Sylvester to unravel the complexities of UDAP (Unfair, Deceptive, or Abusive Acts and Practices) and its impact on electronic payments and financial institutions.
Discover how Karen’s journey from part-time teller to industry expert has shaped her perspective on consumer protection, compliance, and regulations. Learn about the two versions of UDAP – one overseen by the FTC and the other by the CFPB – and how they govern business and financial institution practices.
📌 Key Takeaways:
The four Ps of UDAP: Prominent, Presented, Placement, and Proximity.
The critical role of clear disclosures for compliance.
How evolving regulations, like those on fees, impact financial institutions.
The importance of consumer responsibility and financial literacy.
Practical career advice: Embrace challenges and learn from every opportunity.
Learn more from the Payments Professor
"We make learning about payments rules and regulations fun and easy!"
www.PaymentsProfessor.com
Discover how Karen’s journey from part-time teller to industry expert has shaped her perspective on consumer protection, compliance, and regulations. Learn about the two versions of UDAP – one overseen by the FTC and the other by the CFPB – and how they govern business and financial institution practices.
📌 Key Takeaways:
The four Ps of UDAP: Prominent, Presented, Placement, and Proximity.
The critical role of clear disclosures for compliance.
How evolving regulations, like those on fees, impact financial institutions.
The importance of consumer responsibility and financial literacy.
Practical career advice: Embrace challenges and learn from every opportunity.
Learn more from the Payments Professor
"We make learning about payments rules and regulations fun and easy!"
www.PaymentsProfessor.com
