💳CFPB Proposes New Rules for Electronic Fund Transfers and Compliance
Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes Using Emerging Payment Mechanisms
Summary
In light of interest by electronic fund transfer system market participants to offer new types of products to transfer funds and make purchases through accounts established primarily for personal, family, or household purposes, the Consumer Financial Protection Bureau (CFPB) is proposing this interpretive rule to assist companies, investors, and other market participants evaluating existing statutory and regulatory requirements governing electronic fund transfers (EFTs).
Agencies
- Consumer Financial Protection Bureau
Business Impact
$$ - Med
The proposed interpretive rule by the CFPB directly impacts businesses by clarifying compliance requirements under EFTA and Regulation E for electronic fund transfers. This regulation could affect how businesses handle payment mechanisms and consumer protections amid evolving payment technologies.