Understand the unique compliance risks associated with P2P services, and the steps financial institutions can take to mitigate these risks.
Peer-to-peer (P2P) payment services present unique compliance obligations and risks for financial institutions and their customers. Financial institutions must comply with existing laws and private rule sets while balancing customer expectations of speed and convenience to remain competitive. These interests must be appropriately balanced to satisfy both legal compliance obligations and customer expectations. This presentation will explain how P2P payment services provide services, discuss the unique compliance risks associated with these services, and outline steps financial institutions can take to mitigate these risks.
Learning Objectives
- You will be able to explain how P2P payments services provide services to consumers and businesses.
- You will be able to discuss the risks and liabilities associated with providing customers access to P2P payment services.
- You will be able to develop strategies to mitigate risks associated with offering customers access to P2P payment services.
- You will be able to review errors and fraud.
Agenda
Overview
Structure of P2P Payment Services
- Private Technology Interface
- Underlying Flow of Funds
Overview of Applicable Laws and Rules
- Electronic Fund Transfer Act
- P2P Network Rules
- Payment Method Rules
- Federal and State UDA(A)P Laws
- Banking Agency Guidance Regarding Third-Party Risk Management
Errors and Fraud
- Definitions
- Investigation Obligations
- Tension Between Investigation Obligations and Consumer Protection Interests
Risk Mitigation Strategies
- Diligence of P2P Service Providers
- Agreements With P2P Service Providers
- Agreements With Customers, Including Disclosures
- Policies and Procedures
Questions and Answers
Speakers
Julia Dempewolf,
Goodwin Procter LLP- Of counsel in Goodwin Procter’s Financial Services practice groups
- Advises financial institutions and Fintech clients regarding compliance with federal and state laws concerning, among other things, money services businesses, electronic fund transfers, interchange restrictions, banking, and consumer lending
- Unique expertise in federal and state money services business laws and private payment network rules enables her to counsel clients throughout the entire product life cycle
- Advised some of the country’s largest financial institutions and technology companies as well as startups on both regulatory compliance and transactional matters
- Member of the National Hispanic Bar Association and licensed to practice in Washington, D.C.
- Graduated from Dartmouth College and received her J.D. degree with honors from Emory School of Law
Who Should Attend
This live webinar is designed for presidents, vice presidents, branch managers, loan officers, compliance officers, loan department personnel, accountants, controllers, CFOs, credit and collection managers, and attorneys.
