Which party is typically responsible for enforcing violations against UDAAP?

The Consumer Financial Protection Bureau (CFPB) is the primary agency responsible for enforcing the prohibition against unfair, deceptive, or abusive acts or practices (UDAAP). Established after the financial crisis of 2008, the CFPB was created to protect consumers in the financial sector and to ensure that financial institutions are accountable for their actions. The agency has broad authority to address UDAAP violations, enabling it to investigate complaints, enforce regulations, and impose penalties on entities that engage in such practices.

This responsibility stems from the CFPB's mission to highlight consumer protection in financial services, granting it the regulatory power to oversee a wide range of consumer financial products and services. The CFPB’s authority allows it to take action on behalf of consumers who may have been harmed by unfair or deceptive practices, making it an essential player in maintaining fair market practices.

While other organizations, such as state regulators, the Department of Justice, and the Federal Trade Commission, have their own roles in broader consumer protection and enforcement, the CFPB specifically focuses on UDAAP in the context of consumer financial services, emphasizing its unique and crucial part in safeguarding financial consumers.