CEDAR FALLS, IA – The Electronic Funds Transfer Act (EFTA) and its implementation of Regulation E affects a large number of businesses on a daily basis. According to the regulation, authorization is required in order to process recurring electronic fund transfers (EFT). For companies that conduct most of its business over the phone, obtaining authorization […]
JACKSONVILLE, FL – Autoscribe Corporation, provider of PaymentVision and Lyons Commercial Data, has been named a silver winner in the Best in Biz Awards, the only independent business awards program judged by members of the press and industry analysts. Autoscribe Corporation – also a recent winner in the Stevie Awards, Inc. 5000 List, Jacksonville Business Journal BizTech […]
This week the CFPB issued a Compliance Bulletin concerning the Electronic Fund Transfer Act and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund transfers. The Bulletin also outlines the CFPB’s compliance expectations.
The Federal Trade Commission (FTC) announced last week that, following a public comment period, they have approved final amendments to a Telemarketing Sales Rule (TSR), including a change that will help protect consumers from fraud by prohibiting four discrete types of payment methods favored by con artists and scammers. “Con artists like payments that are […]
Wixom, Mich. – “Trends to Watch for 2016”, a Webinar sponsored by RevSpring, will occur on November 12 at 2 p.m. EST. It will explore the major communication technology trends that will impact the credit and receivables industries in the coming year. The Webinar will dig into three key topics: Electronic Signatures IVR to Boost Payments […]
JACKSONVILLE, FL – Laurie Nelson, PaymentVision’s Chief Compliance Officer and General Counsel, was named a Finalist in the Female Executive of the Year (Business Products) category in the 12th annual Stevie® Awards for Women in Business, and will ultimately be a Gold, Silver, or Bronze Stevie Award winner in the program. The Stevie Awards for […]
Recurring payment arrangements sound simple — deceptively so, as it turns out. The hard part for debt collectors is understanding the unique consent requirements associated with preauthorized electronic funds transfers. John Bedard of the Bedard Law Group takes a in-depth look at EFTA problems facing the debt industry.
Specifically, issues arise regarding the type of consent that a consumer must give to authorize recurring payments from a checking account or debit card. Further, the types of disclosures that must be provided by a debt collector accepting such payments are buried in the regulations. This podcast from John Rossman and Mike Poncin puts the issue into perspective.
The charging of convenience fees has become a huge challenge for the ARM industry. The CFPB and the FTC have repeatedly censured companies and levied fines against the industry for the assessment of these fees using several different statutes. What is your agency doing about convenience fees?
Hawthorne, NY – EFT Network, Inc. is very proud to announce and welcome back Ms. Bonnie Finley as the company’s Chief Sales Officer. In this role, Bonnie will be responsible for leadership in sales management, product development, distribution channel management, marketing communications, pricing, market research, and customer service. In the face of a constantly evolving […]