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ICBA thanked Rep. Andy Barr—chairman of the House Financial Services Committee’s Subcommittee on Financial Institutions—for introducing the Rectifying Undefined Descriptions of Abusive Act and Practices Act (H.R. 1652).
The Rectifying UDAAP Act would bring much-needed clarity and balance to the application of the Consumer Financial Protection Bureau’s UDAAP authority under the Dodd-Frank Act.