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As each succeeding year passes, fewer checks are being used and the number of electronic payments being made is dramatically increasing. If you use other countries as a guide, you can expect the United States soon to weigh in with more electronic payments than paper checks.
Already there is a large number of existing regulations and other rules governing electronic payment systems with which financial institutions must comply. Undoubtedly regulatory changes and additional guidance will emerge as more institutions and their customers adopt the new products and services offered to them by these new applications.
The Electronic Banking Compliance manual focuses on the regulations and other rules governing electronic payment systems. This comprehensive guide is designed to be your one reference source to current and additional guidance, as more institutions and their customers adopt the new products and services offered to them by new check conversion processes and new systems like remote deposit capture.
Electronic Banking Compliance covers the six discrete electronic services, processes or products to which the rules and regulations apply, including:
Jeffrey Torp is a consultant in the area of regulatory risk for financial institutions. He specializes in the financial institution industry and has more than 25 years of experience serving financial institution clients in matters relating to bank regulation. Mr. Torp is an attorney and has previously served as a consultant with KPMG and with McGladrey & Pullen, LLP, and as legal counsel to the Independent Bankers of Minnesota. He received his law degree from William Mitchell College of Law in St. Paul, Minnesota, and his Bachelor of Arts Degree from Augsburg College in Minneapolis, Minnesota. Mr. Torp has worked with financial institutions throughout the country on regulatory issues and given numerous presentations on regulatory topics to groups of bankers, bank examiners, trade associations, and attorneys. He has also served as an instructor for the Independent Bankers Association of America’s compliance school and certification program, and authored several publications. See all works by Mr. Torp
Margaret L. Simmons is President of Electronic Payments Advisory Services. Her 30+ years of experience in the area of electronic payments includes development of ACH software, management of Michigan’s ACH association, and 12 years in Treasury Management. Throughout her career, Marge has been directly involved with the electronic payments industry through participation in many national councils, committees, and work groups. She has been an instructor at NACHA’s Payments Institute, provides training services to regional payments associations, and is a nationally recognized speaker on topics related to all facets of the electronic payments industry. Consulting services offered by her company include training, ACH audits, and expert witness testimony. She has earned the permanent designations of Accredited ACH Professional (AAP) and Certified Cash Manager (CCM).See all works by Ms. Simmons