Phone Pay Fees Under CFPB's Watchful Eye

By Nanci Weissgold and Elizabeth Corbett (August 9, 2017, 1:28 PM EDT) -- On July 31, the Consumer Financial Protection Bureau issued Compliance Bulletin 2017-01: Phone Pay Fees. The bulletin addresses pay-by-phone services, defined to include (1) providing consumers with the option of making payments over the phone by using an automated system or speaking with a live representative; (2) providing consumers the option to make payments by using a credit card, debit card or electronic check or to have their payment expedited; and (3) third-party service providers that handle and process payments on behalf of entities. The bulletin does not prohibit phone pay fees altogether but alerts companies that it will be watching carefully for unfair, deceptive, or abusive acts or practices (UDAAPs). The CFPB also sets forth its expectation that entities should be closely reviewing and monitoring their practices in this area for potential violations of the law....

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