Type: Blog
Topic: Do Not Call Solution
Yes, TCPA exemptions do apply to financial institutions, but they are limited and highly specific. Under the Telephone Consumer Protection Act (TCPA), financial institutions are allowed certain types of communications without obtaining prior express consent. These exemptions include calls or texts for fraud alerts, payment reminders, account updates, or transactional notifications. However, marketing or solicitation communications are not exempt, and strict compliance is required to avoid costly penalties.
While exemptions provide some leeway, navigating TCPA rules remains complex. This is where PossibleNOW’s DNCSolution® comes in. By managing your do-not-call compliance and TCPA requirements, DNCSolution offers financial institutions a reliable, enterprise-ready platform to reduce risks and streamline compliance efforts across communication channels.
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Financial institutions are granted exemptions under the TCPA for specific non-marketing communications:
It’s important to note that these exemptions only apply when communications are purely informational. If there is any promotional content or sales messaging, TCPA consent requirements still apply.
Financial institutions face unique compliance hurdles, such as:
TCPA violations carry steep penalties that can quickly escalate. Financial institutions face:
Each unsolicited call, text, or message can result in a hefty fine.
Non-compliance often leads to costly litigation, with average settlements exceeding $6 million.
Violating consumer trust can erode long-term relationships and brand credibility.
PossibleNOW’s DNCSolution® simplifies compliance management with its robust features, helping financial institutions navigate TCPA exemptions, reduce risks, and focus on building meaningful customer relationships.
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PossibleNOW is the pioneer and leader in customer consent, preference, and regulatory compliance solutions. We leverage our MyPreferences technology, processes, and services to enable relevant, trusted, and compliant customer interactions. Our platform empowers the collection, centralization, and distribution of customer communication consent and preferences across the
enterprise. DNCSolution addresses Do Not Contact regulations such as TCPA, CAN-SPAM and CASL, allowing companies to adhere to DNC requirements, backed by our 100% compliance guarantee.
PossibleNOW’s strategic consultants take a holistic approach, leveraging years of experience when creating strategic roadmaps, planning technology deployments, and designing customer interfaces. PossibleNOW is purpose-built to help large, complex organizations improve customer experiences and loyalty while mitigating compliance risk.