Search Results for keywords:"Electronic Fund Transfer Act"

Found 2 results

Search Results: keywords:"Electronic Fund Transfer Act"

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  • 2025-00565 — Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes Using Emerging Payment Mechanisms
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    Type:Proposed Rule
    Citation:90 FR 3723
    Reading Time:about 31 minutes

    The Consumer Financial Protection Bureau (CFPB) is proposing a new interpretive rule to help companies and investors understand existing rules around electronic fund transfers (EFTs) as people use new ways to transfer money for personal purposes. This rule stems from growing interest in products like stablecoins and virtual currencies, which are gaining use in non-traditional payment systems. The goal is to ensure consumer rights and liabilities under the Electronic Fund Transfer Act (EFTA) are clear and consistently applied, preventing confusion and competitive disadvantages among service providers. They seek public feedback on this proposal by March 31, 2025.

    Simple Explanation

    The Consumer Financial Protection Bureau wants to make sure that everyone understands how new ways to send money, like fancy internet coins, should follow the rules that keep people's money safe. They are asking people what they think about these ideas before they make any new rules.

  • 2025-03791 — Agency Information Collection Activities: Comment Request
    Type:Notice
    Citation:90 FR 11600
    Reading Time:about 3 minutes

    The Consumer Financial Protection Bureau (CFPB) is seeking public comments on their request to extend the existing information collection related to the Electronic Fund Transfer Act (Regulation E). This rule ensures that consumers receive clear information about electronic fund transfers and their rights. People have until May 9, 2025, to share their opinions. This effort is meant to evaluate whether the information collection is necessary and how it can be improved while minimizing the burden on respondents.

    Simple Explanation

    The Consumer Financial Protection Bureau (CFPB) wants to hear what people think about a rule that helps explain how money moves electronically from one bank to another, like when someone buys something with a card. They're especially interested in finding ways to make this rule better and see if it's still needed.