CFPB Provides Guiding Principles for New Electronic Payment Systems
The CFPB believes that new electronic payment systems need to be secure, transparent, accessible, and affordable to consumers. To that end the CFPB has released recommendations to the private sector for the development of new payment systems that will, among other things, provide consumers with more control over individual payments, allow consumers the ability to determine what data may be transferred with a transaction, and allow for real-time access to information about transaction status, risks, and costs. [7/10/15
