One of the common misconceptions when it comes to Unfair, Deceptive or Abusive Acts or Practices (UDAAP) is that it only applies to consumers. Section 5 of the Federal Trade Commission Act prohibits ‘‘unfair or deceptive acts or practices in or affecting commerce.’’ The prohibition applies to all persons engaged in commerce, including banks. This includes both commercial transactions and businesses.
Jerod explains more in the video.
Published
2025/11/17