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.
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CFPB's Expanding Supervisory Power
- The CFPB is increasing its supervisory authority over non-banks.
- They are using larger participant rules and quicker examinations to enforce changes.
CFPB's Focus on Payment Technology
- The CFPB wants to oversee technology companies in the payment space.
- Increased consumer use of payment apps and fraud complaints are driving this.
Regulating P2P Platforms
- Senators pushed for Reg E amendments due to payment app fraud.
- The CFPB's new rule is a way to regulate P2P platforms.