Cordray Warns Financial Institutions to Keep Consumers in Mind with Real-Time Payment Systems
Richard Cordray has several concerns about how consumers are affected by electronic payment networks. Cordray stated that financial institutions need to be aggressively proactive in policing electronic payments to safeguard against abuses, such as automatic withdrawals made for payday lenders and for gym memberships. Cordray also identified a need for more transparency that will allow consumers to understand when deposited funds are available and when funds will be automatically withdrawn. [11/25/14]
