TPPPA Monthly News
Payments Related News and Articles of Interest
Selected for Compliance and Oversight Staff
January 2022
President's Message

Each day I spend a couple hours reviewing various news sources to keep abreast of what is happening in the payments industry, particularly related to Compliance and Risk Management. I decided to begin sharing the articles, enforcement actions, reports and such that are relevant to the payments industry. These items are selected particularly for the compliance and oversight functions. We explore many of these topics in-depth in our Monthly Member Meetings. The links are related to events that occurred in the prior month. I hope you will find that these monthly news items support your compliance and risk management efforts.

Marsha Jones, President - Third Party Payment Processors Association
Consumer Protection, Anti-Competiton and Anti-Money Laundering are Primary Focus of Federal and State Regulators
Unsurprisingly, the Federal Regulators under the Biden Administration have a strong Consumer Protection focus. The Federal Trade Commission (FTC) continues to purse companies that are not complying with its Marketing Practices guidance emphasizing unsubstantiated or false product claims, proper use of endorsements and blocking negative reviews. Additionally, the FTC continues to pursue companies with inadequate data security and privacy controls and other companies that offer financial products and services to consumers. The CFPB continues to pursue an aggressive Consumer Protection agenda under the Biden Administration, particularly since the confirmation of Director Chopra, and is delving into various matters related to the payments industry including, fees, Buy Now Pay Later and an enforcement action against a payment processor. The CFPB is also interested in data security, and in case you missed it, published Compliance Management System guidance related to Information Technology. The Department of Justice (DOJ) and States Attorneys General are also pursuing companies that violate consumer protection laws, rules and regulations.

Federal Banking Regulators and FinCEN continue to be concerned about money laundering and the impact of emerging technologies and forms of digital currency. The Federal Reserve continues to work with industry participants related to technology and faster/real-time payments.

The FTC and the DOJ continue their joint and separate efforts to pursue Anti-Competition, although the links gathered focus primarily on Consumer Protection and topics of interest directly related to the payment industry.
FTC Links
CFPB Links
Various Articles of Interest
















Emerging Payments, Cybersecurity and Privacy
Merchant Payment Processing
Looking for a great Payment Processing Partnership?
TPPPA member banks and payment processors are always looking for responsible partners that are committed to compliance. If you are a merchant looking for ACH, Card or Check processing services, or a payment processor looking for a bank that understands payments, we may be able to help. Please send an email to membership@tpppa.org with a company description and the payment services you are looking for, and we will share your information with our members.
Employment Opportunities
jobs_and_careers.jpg
Visit or Share on Social Media!