Federal Compliance Standards for Financial Institutions Accepting Payment by Phone Checklist

Summary

This checklist outlines federal consumer protection requirements for financial institution fee assessments relating to pay-by-phone services, also known as phone-pay fees. The federal Consumer Financial Protection Bureau (CFPB) has issued compliance bulletins that provide guidance for regulated financial institutions and service providers on phone-pay fees. This checklist summarizes key legal and regulatory requirements, including Sections 1031 (12 U.S.C. § 5531) and 1036 (12 U.S.C. § 5536) of the Dodd-Frank Wall Street Reform and Consumer Protection Act's (Dodd-Frank Act) prohibition on engaging in unfair, deceptive, or abusive acts or practices (UDAAPs), and highlights relevant examples of misconduct.