CFPB Releases Consumer Protection Principles in New Faster Payment Systems
The Consumer Financial Protection Bureau (CFPB) released nine consumer protection principles for financial institutions to be aware of with new faster payments systems. The CFPB says it has been advocating for the development of safer and faster consumer payment capabilities in new and current payment systems.
These principles touch on consumer control over payments, data and privacy, transparency, cost and funds availability. New payment systems may provide consumers with more effective account management, which would allow them to take greater control of their financial lives, according to the CFPB. Read Consumer Protection Principals.
ICBA has been a long-time proponent of faster, more efficient and ubiquitous bank-centric payments. ICBA continues to actively participate in the Federal Reserve Banks’ payment system improvement initiatives, including the Faster Payments and Secure Payments Task Forces. ICBA strongly advocates for real-time payments and supports an operational role for the Federal Reserve as an enabler of ubiquity. ICBA recently filed a comment letter urging the Federal Reserve to support a new NACHA rule mandating same-day ACH and an interbank fee.