What the CFPB Wants in Evolving Payment Systems
The CFPB outlined a number of guiding principles for protecting consumers as the private sector develops newer, faster payment systems. The principles are largely aimed at influencing industry standards to promote security, transparency, error resolution, accessibility, and affordability. The capacity of the CFPB to enforce its will on payment system providers is partially indirect, but that does not mean the Bureau is without options and thereby suggests the need for industry consideration of its noted message. [7/10/15]
