CFPBProposed Rule
Electronic Fund Transfers through Accounts Established Primarily for Personal, Family, or Household Purposes Using Emerging Payment Mechanisms; Withdrawal
Finance & BankingTechnology
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Summary
The Consumer Financial Protection Bureau is proposing new rules to protect people who use newer payment methods (like digital wallets and apps) to transfer money from their personal bank accounts. The regulation aims to ensure these emerging payment systems have the same safety protections as traditional bank transfers.
Key Points
- 1Applies to digital payment apps and services that let people move money from their personal checking or savings accounts
- 2Requires companies to follow consumer protection rules similar to those for regular electronic fund transfers, ensuring people's money and personal information are protected
- 3Gives consumers rights like the ability to dispute unauthorized transfers and limits their liability if their account is compromised
- 4Affects payment apps, digital wallets, and other new money-moving services that weren't clearly covered by older banking laws
- 5This is a proposed rule, so the CFPB is asking for public feedback before making it final
Key Dates
Published
May 15, 2025
This summary is for informational purposes only. It may not capture all nuances of the regulation. Always refer to the official text for authoritative information.
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