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Payments Pros – The Payments Law Podcast
CFPB's Larger Participant Rule for Consumer Payments
Jul 11, 2023
In this discussion, experts unpack the CFPB's larger participant rule for consumer payments and its significance for the payments industry. They explore the Bureau's growing supervision, revealing the impact on consumer protections and the rise in payment complaints. The conversation highlights the potential regulatory reach over P2P platforms and how UDAP enforcement could reshape payment processing standards. Finally, they anticipate compliance challenges ahead and stress the need for robust systems to prepare for forthcoming regulatory changes.
21:13
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Quick takeaways
- The CFPB's new larger participant rule aims to enhance regulatory oversight of consumer payment companies, reflecting a significant shift in compliance expectations.
- Concerns about rising consumer fraud have prompted the CFPB to seek substantial regulatory changes, particularly impacting existing laws like the Electronic Fund Transfer Act.
Deep dives
CFPB's New Larger Participant Rule for Payments
The CFPB announced an upcoming larger participant rule aimed at expanding oversight over consumer payment companies, surprising many in the industry. This development follows the Bureau's increasing use of its supervisory authority, which has included numerous inquiries aimed at identifying larger participants under existing rules. The announcement signals a shift towards more aggressive regulation, likely targeting non-bank entities that may not have been subject to previous supervisory exams. Industry experts believe this could lead to significant changes in compliance requirements for payment processing companies as the Bureau ramps up its efforts to safeguard consumer interests.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode