The payments industry is evolving rapidly, and professionals need a way to distinguish themselves while staying current with industry trends. ETA’s Certified Payments Professional (ETA CPP) program offers exactly that opportunity, as demonstrated by two professionals at different stages of their certification journey.

Fandy Montgomery, an Underwriting Manager at North, has held the certification since 2013. For Montgomery, the certification was a stepping stone to greater responsibility and leadership. “I became the go-to person for providing the underwriting team with the latest information and compliance updates,” she shares. This expertise eventually led to her current management position.

On the other hand, Kim Krzemien, a Project Manager at North, represents the newest generation of certified professionals. Coming from a background with limited payments experience, Krzemien found the certification provided crucial foundational knowledge. “I’m getting a lot of those aha moments throughout my day, connecting concepts across sales, compliance, and risk management,” she explains.

Both professionals emphasize the networking opportunities the certification provides, from internal company chat groups to industry-wide events and committees. The certification also offers continuous learning opportunities through webinars, seminars, and industry updates – essential in an ever-changing payment landscape.

Check out the podcast here.

Ready to elevate your payments career? Visit electran.org/certification to learn more about the ETA CPP certification and join over 3,000 certified payments professionals.

In the rapidly evolving world of payments, staying ahead of the curve is crucial for both individual professionals and companies alike. ETA’s Certified Payments Professional (ETA CPP) program has emerged as a symbol of excellence, setting the standard for professional performance in the payments industry.

Recently, we had the pleasure of speaking with Maria Cable, Associate Director of Specialized Operations at Maverick Payments, about their company’s journey with the ETA CPP certification. Their experience offers valuable insights into how this certification can transform both individual careers and entire organizations.

Building a Culture of Continuous Learning
At Maverick Payments, the ETA CPP isn’t just a certification — it’s a cornerstone of their company culture. By sponsoring employees to pursue the certification, Maverick has created an environment where learning is not only encouraged but celebrated.

“It lets us know who’s really serious about this career,” Maria explains. “When everybody starts hearing ‘My test is this Friday,’ it becomes almost contagious. Other employees get excited and say, ‘I want to do that.'”

This enthusiasm for professional development has led to impressive results: over 20% of Maverick’s employees are now ETA CPP certified, with the company sponsoring 10-15 employees for certification at least once a year.

Tangible Benefits for Employees and the Company
The impact of the ETA CPP certification extends far beyond individual accomplishment. Maverick has seen tangible benefits, including:

1. Increased credibility: At industry events, Maverick stands out with a majority of their representatives being ETA CPP certified.
2. Career advancement: Three employees have been promoted within the last year after becoming certified.
3. Cross-departmental understanding: The certification process helps employees gain a broader understanding of the industry, sometimes leading to new career paths within the company.

Staying Relevant in a Dynamic Industry
In the fast-paced payments industry, staying current is crucial. The ETA CPP certification helps both seasoned professionals and newcomers demonstrate their up-to-date knowledge.

“It used to be where you could say ‘I have 20 years experience’ and it was a positive thing,” Maria notes. “Nowadays, some people kind of get discouraged because they say, ‘Are you up to date with everything, the new technology?'”

By encouraging employees to pursue and maintain their ETA CPP certification, Maverick ensures that their team remains at the forefront of industry trends and innovations.

Advice for Other Companies
For organizations considering implementing an ETA CPP program, Maria’s advice is clear: “You definitely have to do it. And when you do it, you need to invest.”

This investment goes beyond just sponsoring the certification. It includes setting up training sessions, leveraging ETA resources, and encouraging ongoing participation in industry webinars and events.

The Future of Payments Professionals
As digital payments become increasingly ubiquitous, the need for skilled, certified professionals will only grow. The ETA CPP certification represents a significant milestone in an individual’s payments journey and a valuable asset for companies looking to distinguish themselves in the market.

By investing in their workforce through programs like the ETA CPP, companies like Maverick Payments are not just preparing for the future of the industry — they’re actively shaping it.

For those looking to elevate their careers or strengthen their organizations in the payments industry, the ETA CPP certification offers a clear path forward. It’s more than just a certification; it’s a commitment to excellence and continuous growth in an ever-evolving field.

Learn More
Looking to get certified or earn ETA CPP CE credits? Check out more info here.

Click here to learn how North and other organizations have benefited from the ETA CPP program. 

In a recent episode of Transaction Trending, the Electronic Transactions Association’s podcast, host John Losh, Director of Membership and Education, sat down with Chris Boone, counsel at Venable, to discuss the intricate landscape of financial regulation and compliance. The conversation shed light on the crucial areas of Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Know Your Customer (KYC) requirements. You can hear the complete interview here [link]. Please note nothing said or written construes legal advice.

Understanding the Basics: BSA, AML, and KYC

Chris kicked off the discussion by clarifying these often-conflated terms:

• The Bank Secrecy Act (BSA), passed in 1970, requires financial institutions to implement anti-money laundering controls and assist law enforcement in preventing illegal financial activities.
• Anti-Money Laundering (AML) encompasses all procedures, processes, laws, and regulations aimed at preventing, detecting, and reporting financial crimes.
• Know Your Customer (KYC) forms the backbone of an AML compliance program, involving identity verification and risk assessment of customers.

Regulatory Landscape: Banks vs. Fintechs

The conversation then delved into how these regulations apply differently to banks and fintech companies. While all banks are subject to the BSA, the situation for fintechs is more nuanced. Depending on their activities and partnerships, fintechs may be directly regulated as money transmitters or indirectly regulated through bank partnerships.

Recent Developments: OCC’s Third-Party Guidance

Chris highlighted the importance of the interagency guidance on third-party risk management released by the OCC, Federal Reserve, and FDIC in June 2023. This guidance reflects growing regulatory focus on bank-fintech partnerships and the associated risks. As a result, fintechs can expect more rigorous onboarding processes, and banks will likely become more selective in their partnerships.

Technology’s Impact: Blockchain and AI

The discussion then shifted to how emerging technologies are shaping the financial crime landscape:

• Blockchain and cryptocurrencies present both challenges and opportunities for AML compliance. While they offer some level of anonymity, they also provide transparent, immutable transaction records that can be analyzed for suspicious activities.
• AI and machine learning are increasingly being used to detect patterns of suspicious activity that human analysts might miss, analyzing vast amounts of data quickly and efficiently.

Looking Ahead: Challenges and Opportunities

As the financial industry continues to evolve, staying compliant with BSA, AML, and KYC requirements will require ongoing adaptation. Financial institutions and fintechs alike must remain vigilant, leveraging new technologies while also navigating the complex regulatory landscape.

For those looking to deepen their understanding of these critical issues, the ETA offers resources such as the Payments Compliance 101 and 201 courses, as well as the upcoming Payments Compliance Conference in October.

To hear the complete in-depth interview please click here.

Chris Boone will be on the panel on BSA/AML/KYC at ETA’s Payments Compliance Conference, Oct 29-30th, at The Ritz-Carlton, Pentagon City, VA. To learn the fundamentals of payments compliance we invite you to take our Payments Compliance 101 and Payments Compliance 201 courses [coming soon]. You can meet the experts and regulators at our annual Payments Compliance Conference.

Legal Disclaimer

The information provided in this blog post is for general informational purposes only and does not constitute legal advice. This content is based on a conversation with Chris Boone and reflects his professional opinions and interpretations as of the date of the interview. Bank Secrecy Act (BSA), Anti-Money Laundering (AML), and Know Your Customer (KYC) requirements are subject to change. Readers should not act or refrain from acting based on this information without seeking professional legal counsel. Neither the author, Chris Boone, Venable, nor any affiliated entities assume any liability for actions taken or not taken based on the contents of this blog post.

In a recent interview, Stephen Conley, Associate at Wiley, shared valuable insights on two crucial laws that shape the landscape of consumer finance in the United States: The Truth in Lending Act (TILA) and the Electronic Fund Transfer Act (EFTA). In the conversation, Conley sheds light on these laws, their implementing regulations, and the challenges financial institutions face in maintaining compliance. To hear the complete interview please follow this link. While reading this article or listening to the interview, please keep in mind that this conversation does not construe legal advice and is meant for general information only.

The Basics: TILA and EFTA

Conley explained that TILA, enacted in 1968, aims to ensure that credit terms are disclosed to consumers in a clear and understandable manner. It’s implemented through Regulation Z (Reg Z) and applies broadly to individuals and financial institutions offering credit. The key here, Conley pointed out, is that the credit must be subject to a finance charge or payable by written agreement in more than four installments, and it must be primarily for personal, family, or household purposes.
EFTA, came into play a decade later in 1978. Its purpose is to create protections for consumers using electronic banking and financial services. Regulation E (Reg E) implements EFTA, and it generally applies to all persons and entities in the US offering electronic funds transfer services.
Both of these acts underwent a significant change in 2011 when the Dodd-Frank Act transferred their rulemaking authority from the Federal Reserve Board to the Consumer Financial Protection Bureau (CFPB).

A Web of Regulations

One of the challenges Conley highlighted for financial institutions is that TILA and EFTA don’t exist in isolation. They intersect with several other regulations, including the Equal Credit Opportunity Act (ECOA), the Fair Credit Reporting Act (FCRA), and the Dodd-Frank Act’s prohibition on unfair, deceptive, and abusive acts or practices (UDAAPs). This creates a complex regulatory environment that financial institutions must carefully navigate.

Common Pitfalls

Conley pointed out several common compliance issues that financial institutions face. With TILA and Reg Z, frequent violations include failing to make proper disclosures before loan contract signing, engaging in inaccurate credit billing practices, and not considering a consumer’s ability to repay when opening credit card accounts or raising credit limits.
For EFTA and Reg E, Conley mentioned common problems involve not promptly investigating errors in electronic fund transfers, failing to provide provisional credit within the required timeframe, and denying consumer claims without proper investigation.

The Changing Landscape of Payments

Conley also touched on how these regulations are adapting to new payment methods. Buy Now, Pay Later (BNPL) services, for instance, have recently come under the CFPB’s scrutiny, with a new interpretive rule bringing them under Reg Z compliance. He also mentioned a proposed rule that might classify certain Earned Wage Access (EWA) products as consumer credit offerings under Reg Z.
Interestingly, while the CFPB hasn’t yet applied EFTA and Reg E to cryptocurrency companies, Conley mentioned a court case where cryptocurrencies were considered “funds” subject to EFTA. This suggests that the regulatory landscape for digital currencies is still evolving.

To hear the complete in-depth interview please click here.

Stephen Conley will be on the panel on TILA/Reg E at ETA’s Payments Compliance Conference, Oct 29-30th, at The Ritz-Carlton, Pentagon City, VA. To learn the fundamentals of payments compliance we invite you to take our Payments Compliance 101 and Payments Compliance 201 courses [coming soon]. You can meet the experts and regulators at our annual Payments Compliance Conference.

Legal Disclaimer

The information provided in this blog post is for general informational purposes only and does not constitute legal advice. This content is based on a conversation with Stephen Conley and reflects his professional opinions and interpretations as of the date of the interview. Laws, regulations, and network rules regarding TILA and EFTA are subject to change. Readers should not act or refrain from acting based on this information without seeking professional legal counsel. Neither the author, Stephen Conley, Wiley Rein LLP, nor any affiliated entities assume any liability for actions taken or not taken based on the contents of this blog post.