Smarter Faster Payments 2024 Convention

Thursday, May 9 • 9:05 – 9:55 a.m. ET

The Fed, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency collaborated to establish consistent guidance across the three entities to address the vastly expanded Bank/Fintech relationships that have experienced rapid growth over the past few years.

Carlin McCrory will be joined by Marsha Jones, President of the Third Party Payment Processors Association, to discuss what all federally regulated financial institutions are expected to do to select and manage their third-party service providers including third-party payment processors and Fintech companies.

Attendees come away from this session with an understanding of the roles and responsibilities of third-party payment processor and nested/downstream payment processors such as nested Third-Party Senders and independent sales organizations.

Thursday, May 9 • 10:10 – 11:00 a.m. ET

In the Consumer Financial Protection Bureau’s regulatory agenda, the Bureau signaled its intent to regulate larger participants in payments. A proposed rule should be issued in July.

Keith Barnett will be joined by Katia Lewis from Nuvei and Penny Lee from the Financial Technology Association to discuss the current trend of CFPB supervision and why the CFPB is proposing this rule, the influence of substantive law governing some aspects of payments, the implication of CFPB examinations of payments companies for the development of the law or regulatory expectations in relation to Regulation E, and how the CFPB may use UDAAP in the payments space to drive sought-after industry changes or remediation, along with an analysis of the rule.