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CFPB Outlines Guiding Principles for Faster Payment Networks
Monday, July 13, 2015 6:45 AM

Thursday, the Consumer Financial Protection Bureau outlined guiding principles for protecting consumers as the private sector develops new faster payment systems. These new systems are aimed at reducing “pocket-to-pocket” payment times between consumers and businesses or other entities.

The CFPB said in its news release that it wants to ensure any new payment systems are secure, transparent, accessible, and affordable to consumers. The systems should also have robust protections when it comes to fraud and error resolution.

The CFPB said there remain opportunities to improve efficiency, reduce transaction costs for consumers, and reduce credit and fraud risks. There is also greater opportunity for consumers to have real time information about their account balances so they can know when they do and do not have funds to transact.

The outline of Consumer Protection Principles is available here.