UDAAP stands for Unfair, Deceptive, or Abusive Acts or Practices, which refers to illegal practices in the financial services industry that harm consumers. "Unfair" practices cause significant harm to consumers that they cannot reasonably avoid. "Deceptive" practices involve misleading actions or statements that may mislead a reasonable consumer. "Abusive" practices exploit power imbalances, taking advantage of consumers' lack of understanding or choice. UDAAP is regulated by the Consumer Financial Protection Bureau (CFPB) under the Dodd-Frank Act, which aims to protect consumers from financial exploitation.