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ARTICLE · 23 JANUARY 2025

CFPB Proposes Interpretive Rule On Emerging Payment Mechanisms Under Regulation E And Requests Information To Consider Extended Data Privacy Protections

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On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) promulgated a proposed interpretive rule (Proposed Rule) to apply Regulation E...

United StatesTechnology
Evan T. Abrams
Evan T. Abrams
Tarrian Ellis
Tarrian Ellis
Christopher Fredrich
Christopher Fredrich
Coy Garrison
Coy Garrison
Andrew Owens
Andrew Owens
Benjamin Saul
Benjamin Saul

On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) promulgated a proposed interpretive rule (Proposed Rule) to apply Regulation E to "emerging payment mechanisms," including transfers of fungible digital assets used for payment or that can be readily exchanged into fiat currency, gaming currencies, and other similar innovative payment currencies. The Proposed Rule could also apply Regulation E to credit card rewards points purchased to pay for goods or services. The CFPB's principal goal apparently is to apply Regulation E's protections regarding unauthorized use and error resolution to emerging payment currencies.

The Proposed Rule would interpret key terms in Regulation E, including "financial institution," "funds," and "account," to achieve the CFPB's goal.

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