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ARTICLE · 23 JULY 2015

CFPB Signals Future Regulation In The Payment Processing Industry

McGuireWoods LLP
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On July 9, 2015, the Consumer Financial Protection Bureau (CFPB) issued a set of "consumer protection principles" for the financial industry as it develops new, faster payment processing systems.

United StatesFinance and Banking
Anita Foss
Anita Foss
Jodie Herrmann Lawson
Jodie Herrmann Lawson

On July 9, 2015, the Consumer Financial Protection Bureau (CFPB) issued a set of "consumer protection principles" for the financial industry as it develops new, faster payment processing systems. Last November, CFPB Director Richard Cordray gave a speech that expressed concerns over lack of consumer protection for loss or theft, a general lack of transparency, and exclusionary effects on some consumers in the payment processing industry. These guidelines − which are not enforceable regulations − appear to be the CFPB's next step in addressing those concerns.

Nine identified principles stress that new, faster payment processing systems should do the following:

  •  Provide clear terms about when, how and under what terms consumers have authorized a payment.

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