Regulation E and EFTA: Policy and Procedure Workbook Thumbnail

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Download a Complementary Sample of this Product

One of the many ways that technology is changing and challenging our business is through the use of electronic payments. Despite this, many agencies have yet to create a clear policy on how to handle electronic payments. What steps should you be taking to stay compliant?

Firms need to consider the differences between various kinds of electronic payments and how to avoid collection errors that can cost you real money. There are some practical ideas you can implement that will help you improve your electronic payment compliance, and, over time, limit your company’s regulatory exposure and reduce the overall cost of litigation.

This workbook distills the information presented in our Policies and Procedures webinar. It comes complete with a link to the full recording of the webinar as well as the slide deck and full transcript of the webinar. This workbook doesn’t just walk through what agencies should and should not be doing, going forward – it contains the full Q&A from the webinar, too.

(This product is approved for DBA International Certification Credit.)

Product: PDF Download, including link to webinar video, slide deck, and full transcript of the webinar

Pages: 69 pp

Published: March 2016

Table of Contents

  • Contributors
  • How to Use This Guide
  • Introduction
  • Why Create an EFTA/Regulation E Policy?
  • What Format is Best for EFTA/Regulation E Policies and Procedures?
  • What Key Elements Do EFTA/Regulation E Policies and Procedures Need?
  • Key Elements: Purpose Sample Text
  • Key Elements: Scope Sample Text
  • Key Elements: Statement of Policy Sample Text
  • Key Elements: Procedure Sample
  • Key Elements: Responsibilities
  • Key Elements: Documentation Reference
  • Key Elements: Other Useful Sections of a Reg E/EFTA Policy and Procedure
  • Where Policy and Procedure Documents Should Be Kept
  • Q&A from the Webinar
  • Appendices
  • Webinar Slide Deck
  • Webinar Script
  • CFPB Compliance Bulletin 2015-16: Requirements for Consumer Authorizations for Preauthorized Electronic Funds Transfers

Contributors

Richard Brown, Ontario Systems: Richard is a compliance associate with Ontario Systems. A licensed attorney with six years of experience in litigation and compliance, Richard is a member of Ontario Systems’ CFPB Consulting Team. He has performed audits for several of the nation’s largest banks and larger market participants in the ARM industry.

Jennifer Phillips, Ontario Systems: Jennifer is Director of Financial Services for Ontario Systems. Jennifer is responsible for leader the Consumer Financial Protection Bureau consulting services and compliance solutions program, and assisting clients with their upcoming CFPB examinations and compliance management systems. Jennifer has more than 20 years of experience in the banking industry and most recently served as a senior vice president of First Merchants Corporation.