Press
TMG and PolicyWorks Partner to Offer Insight into CFPB Impact
(Des Moines, Iowa) – In a new white paper “How the CFPB Will Impact Your Community Financial Institution in 2013,” co-authors Dan Lozier, The Members Group (TMG) director of client relations, and Jeff Andersen, PolicyWorks regulatory counsel, point out how the Consumer Financial Protection Bureau (CFPB) will soon have significant say in how small financial institutions (FIs) interact with their consumers. The paper further explains how the agency has the power to change and implement consumer protection regulations that apply to FIs of all sizes.
“Over the next few years, community FIs need to prepare for CFPB moves that will impact how they do business,” write Lozier and Andersen. “Although the CFPB has been heavily focused on mortgages in recent months, attention to consumer protections on cards is gaining steam as battles continue to rage over interchange issues. As the parties involved make their individual public statements, consumer protection generally finds its way into the debate, putting more pressure on the CFPB to keep credit and debit card regulations on the agenda.”
In the paper, Lozier and Andersen offer a closer look at the topics the CFPB will be tackling in the coming year, including remittance rules, disclosures, marketing ad-on products and deceptive marketing practices. The authors also offer insight into the potential for positive outcomes CFPB moves may have on smaller card issuers. The pair wrap up the paper with best practices for compliance in a fast-paced regulatory environment.
To learn more, download the white paper “How the CFPB Will Impact Your Community Financial Institution in 2013” for free at themembersgroup.com/prcfpbimpact
About TMG
The Members Group (TMG) is dedicated to creating customized, technology-driven card processing and payment solutions for credit unions and community-based financial institutions across North America. Innovations in fraud management, loyalty programs, alternative payment systems and analytic reporting, and the competitive advantages they create, have helped TMG forge a new standard in offering cutting-edge credit, debit, ATM, prepaid card products and a P2P payment solution. For more information, visitwww.themembersgroup.com.
About PolicyWorks
PolicyWorks is a national leader in credit union compliance solutions. PolicyWorks has the resources, vision and experience necessary to help clients resolve their most challenging compliance issues. For more information, visit www.PolicyWorksLLC.com.