15 May 2025
💳CFPB Withdraws Proposed Rule on Electronic Fund Transfers
Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes Using Emerging Payment Mechanisms; Withdrawal
Summary
The Consumer Financial Protection Bureau (Bureau) is withdrawing a proposed interpretive rule, Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes Using Emerging Payment Mechanisms. The Bureau will not take any further action on this proposed interpretive rule.
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The withdrawal of the proposed interpretive rule affects compliance expectations for businesses engaging in electronic fund transfers, as it leaves existing regulations unchanged while the Bureau continues to evaluate EFT guidance. This indicates a potential uncertainty for businesses that must navigate the existing legal framework without new clarifications.