Jimerson Firm

DECEMBER 15, 2022

Financial institutions are often required to make tough decisions when they receive the daunting Form 668–A, “Notice of Levy” from the IRS concerning a delinquent taxpayer’s bank account. Financial Institutions Tax Levy Obligations and Liability Exposure. By Austin Calhoun, Esq. and Joseph Luna, Esq. What is a Tax Levy?

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Troutman Sanders

JANUARY 25, 2024

As the financial landscape continues to evolve, financial institutions and fintech businesses, including payment processors and money transmitters, are facing increased regulatory scrutiny and heightened consumer expectations.

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Troutman Sanders

OCTOBER 25, 2023

In the latest episode of Payments Pros , hosts Keith Barnett and Carlin McCrory are joined by Jean Gonnell and Agustin Rodriguez, co-leaders of Troutman Pepper’s Cannabis practice, to discuss the legal complexities that financial institutions face when dealing with the cannabis industry.

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Consumer Finance

MARCH 16, 2021

On March 17, 2021, Consumer Financial Protection Bureau Acting Director Dave Uejio issued a statement regarding consumers’ access to Economic Impact Payment funds distributed through the American Rescue Plan.

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Financial Institution Debt collector Banks 98

Troutman Sanders

OCTOBER 18, 2022

million student checking and credit card accounts that are governed by partnerships between institutions of higher education and financial services providers, and it highlighted market trends and possible risks. The report reviewed agreements and data covering the over 1.2

Financial Institution 52

Financial Institution Education Financial services Credit Unions 52

Troutman Sanders

SEPTEMBER 21, 2023

In the latest episode of Payments Pros , hosts Carlin McCrory and Keith Barnett are joined by James Rowe and Nanci McKenzie from Affirmative Technologies to discuss Automated Clearing House (ACH) originator risk. This tool, similar to a FICO score, can help financial institutions manage their risk more effectively.

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Collection Industry News

MAY 9, 2022

Final payment amounts after deferral. Specifically, the Bureau asserted that auto finance companies used “imprecise conditional statements,” such as stating that a final payment “may be larger” (emphasis added). The CFPB alleges some financial institutions do not perform robust enough investigations of errors.

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Financial Institution Repossession Debt collector Student loans 40

PDC Flow

OCTOBER 12, 2023

No matter what business you’re in, taking payments brings more regulations you must follow. For instance, companies that use recurring payment processing services need to maintain Regulation E compliance. How can your payment processing software help? Recurring EFT Payments and Regulation E What is Regulation E ?

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PDC Flow

NOVEMBER 22, 2023

Many consumers prefer to pay large bills in installments through ACH payments rather than a credit card. But just as with cards, it’s important to ensure the recurring ACH payments you accept are compliant. Understanding Recurring ACH Payment Compliance Complying with every regulation that applies to your business can get tricky.

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Payment Savvy

FEBRUARY 24, 2023

Real-time payments have revolutionized how we make financial transactions, providing unparalleled speed, convenience, and security. With real-time payments, money can be transferred almost instantly from one person to another, anywhere in the world. In fact, research shows that many small businesses fail due to cash flow issues.

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Banks Financial Institution Retail Bankruptcy 98

Troutman Sanders

AUGUST 9, 2022

In this episode of The Crypto Exchange , Troutman Pepper attorneys Keith Barnett and Carlin McCrory welcome Marsha Jones from the Third Party Payment Processors Association to discuss a portion the ENABLERS Act, which proposes to update federal anti-money laundering laws to include payment processors within the definition of “financial institution.”

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Payment Savvy

FEBRUARY 23, 2023

Whenever there is an issue with a direct debit or credit card transaction, one of the parties involved in the payment processing will send a code. Automated Clearing House (ACH) payments are electronic payment processing carried out between two financial institutions (e.g., How Does an ACH Transaction Work?

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FFGN COLLECT NY

AUGUST 22, 2023

Some people overnight payment to satisfy their debt collection claim. In order to avoid the possibility of check washing, you may choose to send payment via overnight courier to ensure delivery. A Risk of Overnighting Payment Here’s how it works. But did you know that doing so could result in having to pay twice?

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Payment Savvy

MAY 16, 2023

The backbone of these developments is none other than America’s Automated Clearing House (ACH) which facilitates seamless electronic transactions between banks and financial institutions within its network. Instant ACH transfers have gained prominence as they cater to the increasing demand for expedited financial transactions.

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Qualco

APRIL 15, 2024

THE NEW ERA OF CONSUMER LENDING In today ’ s rapidly evolving financial landscape, the significant increase in consumer lending presents new challenges for financial institutions, particularly in managing collections. INTRODUCING QCR ACCELERATOR The QCR Accelerator is a collections solution developed by QUALCO.

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Collections Financial Institution Debt Recovery Unsecured Debt 74

Consumer Finance

JANUARY 23, 2024

The Consumer Financial Protection Bureau proposed to block financial institutions from one potential source of new junk fee revenue – fees on instantaneously declined transactions.

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Financial Institution Banks Financial services 142

Nexa Collect

JUNE 21, 2023

Gramm-Leach-Bliley Act (GLBA) : This act requires financial institutions, including debt collection agencies, to explain their information-sharing practices to their customers and to safeguard sensitive data.

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Troutman Sanders

OCTOBER 26, 2020

Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an advisory warning of the perils of facilitating ransomware payments involving malicious cyber-enabled activities. ” Those ransomware payments could be used to fund cyber actors or other sanctioned persons whose purpose or activities are adverse to U.S.

Financial Institution 52

Financial Institution Government Education 52

Troutman Sanders

MARCH 7, 2024

In this episode of Payments Pros, co-hosts Keith Barnett and Carlin McCrory discuss the Consumer Financial Protection Bureau’s (CFPB) latest proposed rule. The CFPB believes this rule will benefit consumers who would otherwise incur NSF fees, potentially leading their accounts to drop to zero or below zero.

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Payment Savvy

AUGUST 3, 2023

Essentially, this set of digits specifies the financial institution that issued a payment card. What Is a Major Industry Identifier (MII) IMG: a black mockup payment card with a BIN number As a part of any BIN number, there is an MII number. This is the first digit on your payment card. What Are BINs?

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Banks Financial Institution Retrieval Healthcare 98

Troutman Sanders

AUGUST 17, 2023

In this episode of Payments Pros , Carlin McCrory welcomes Stout’s Disputes, Compliance, and Investigations Managing Director Terri Sands to discuss the evolvement in payments and the launch of FedNow. Additionally, with this new evolvement in the payments space, financial institutions using FedNow need to be cautious of fraud.

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Financial Institution 52

Troutman Sanders

JANUARY 12, 2023

On December 21, 2022, outgoing Senator Pat Toomey (R-PA) introduced legislation entitled the Stablecoin TRUST Act of 2022 that would establish the first-ever federal regulatory framework for payment stablecoins. Establish new, standardized public disclosure requirements for all payment stablecoin issuers.

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Fico Collections

JULY 10, 2020

As a result of COVID-19, the use of contactless payments is expected to rise 10–15% in the U.S. With this uptick in usage leaving many wondering just how secure this payment method is, I thought it was important to answer some commonly asked questions. What exactly are contactless payments? Are contactless payments secure?

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Financial Institution Banks 52

Payment Savvy

JULY 7, 2021

Many people think of credit cards when discussing an electronic payment solution. Thanks to advancements in technology, businesses now offer their clients fast and convenient payment services. Standard payment options favored by companies include paper checks, ACH payments, and credit and debit card acceptance.

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Qualco

APRIL 18, 2024

Responsible debt collection practices have become vital for financial institutions looking to build trust, enhance customer relationships, and contribute to a fair financial landscape. Omnichannel Customer Engagement , improving payment rates. End-to-end Operations , simplifying workflows and reducing costs. Contact Us

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Account Recovery

JUNE 10, 2021

A month before the federal Child Tax Credit payments start landing in the bank accounts of individuals across the country, the Attorney General of California issued a warning to financial institutions, creditors, and debt collectors that it is illegal to seize those funds to pay individual debts under a state executive order.

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Payment Savvy

MAY 15, 2023

The Federal Reserve Bank is currently developing a new instant payment service called “FedNow” that will allow financial institutions to make instant payments. The development of the FedNow service is a response to the growing demand for efficient instant payment services in the digital age.

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Financial Institution Banks Credit Unions Credit Unions 52

Credit Corp

MAY 12, 2021

And if so, what are the advantages of Venmo over other online payment providers? Venmo is a type of peer-to-peer—or person-to-person— payment app. PayPal launched Venmo for one reason—to compete in the P2P payment marketplace. Venmo’s default profile and payment settings are public. What Is Venmo? Friends only.

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Banks Retail Financial Institution 72

Fico Collections

APRIL 20, 2023

According to FICO’s latest survey of consumers from 14 countries around the globe, 90% of all consumers have sent a real-time payment, and at least 95% of consumers have used real-time payments in India , Indonesia , the Philippines , and Brazil. Throughout the countries we surveyed, RTP usage shows no signs of slowing.

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Banks Education Financial Institution Retail 52

Qualco

SEPTEMBER 25, 2023

presents immense opportunities for financial institutions operating in SCF. This results in a more comprehensive evaluation of potential risks, a better understanding of payment behaviours and trends, and identifying essential due diligence factors. Harnessing the Industry 4.0 for SCF Evolution The emergence of Industry 4.0

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Financial Institution Manufacturing Banks 87

Payment Savvy

MAY 11, 2023

Visa is a global payment technology company that provides electronic payment solutions to financial institutions, merchants, and consumers. It is one of the most widely accepted payment methods around the world. To do so, you will need to establish a merchant account with an acquiring bank or payment processor.

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Payment Savvy

MARCH 22, 2023

If you’re dealing with international payments regularly, you must know of its existence. SWIFT is widely used in almost every country, with just a few exceptions, as it’s one of the most secure methods of sending international payments all over the world. However, many of you might be faintly aware of the code’s purpose.

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Banks Financial Institution Creditworthiness 52

Fico Collections

FEBRUARY 16, 2022

US customers and their banks are familiar with different types of fraud including card, identity, and payment related frauds. customers, 64%, prefer to use text messaging when verifying payments, and another 15% prefer email. customers prefer to verify payments using methods that have proven vulnerable to fraud.

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Banks Financial Institution 52

PDC Flow

MARCH 4, 2021

Companies that accept ACH payments online: are you prepared for Nacha’s coming rule changes? Nacha, the governing body in charge of maintaining the safety and security of the ACH payment network, has created new guidelines for accepting WEB debits. Every missed payment requires an agent to reach back out and reinitiate a payment.

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Banks Financial Institution Education Government 56

Troutman Sanders

DECEMBER 20, 2023

Many colleges offer co-branded financial products to students and alumni, such as deposit accounts and credit cards. However, the CFPB’s research showed that colleges’ financial products may charge students higher or atypical fees. Financial institutions generated over $15.7 In 2022, credit card issuers paid over $19.6

Financial Institution 52

Financial Institution Student loans Student Loans Banks 52

Fico Collections

FEBRUARY 16, 2022

US customers and their banks are familiar with different types of fraud including card, identity, and payment related frauds. customers, 64%, prefer to use text messaging when verifying payments, and another 15% prefer email. customers prefer to verify payments using methods that have proven vulnerable to fraud.

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Banks Financial Institution 52

Troutman Sanders

JANUARY 10, 2023

In this episode of The Crypto Exchange , Troutman Pepper attorney Carlin McCrory welcomes Disputes, Compliance and Investigations Managing Director Terri Sands from Stout to discuss the risks and regulatory scrutiny that financial institutions and fintechs face as to fraud and the Bank Secrecy Act (BSA).

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