Consumer Financial Protection Bureau Reminders

pci compliance

The CFPB issued a compliance bulletin reminding businesses, including, debt collection agencies, mortgage servicing, and student loan servicing companies, of these requirements: In addition, the CFPB is providing information to consumers on how to revoke authorizations. For additional information on the CFPB reminders, please see this article: “CFPB Reminds Companies of Automatic Debit Authorization Requirements“

Are your Recurring ACH Payments Compliant?

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When you’re going to accept recurring payments for a debt, are you asking what TYPE of account or card the consumer is paying with? Here’s a quick guide to the different ways people are paying off their collections debt: ACH (e-check) payments coming from a checking or savings account are required by NACHA to have signed authorization when a recurring …