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...

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