From: Troutman Sanders
On July 9, just weeks after initiating its first enforcement actions against payment processors, the Consumer Financial Protection Bureau issued an outline of nine “guiding principles” for faster payment networks which will provide greater consumer protections. The CFPB indicated that new technology supporting payment systems must be secure, transparent, accessible, affordable to consumers, and have robust consumer protections. The CFPB guidelines reflect the intent of the CFPB to extend its supervisory authority more aggressively in the payments industry, particularly with respect to non-bank entities.
The CFPB rationalizes that companies developing new financial technologies should be constructing systems with consumer protections in mind. Existing payment systems expose consumers to the risk of security loss. The CFPB noted that various regulators, the financial services industry, and consumer groups are weighing in on improved payment systems and that the CFPB will continue to work with the entities developing the systems and other stakeholders to ensure that new payment systems address consumer needs and protect their interests.
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