Consumer Financial Protection Bureau (CFPB) Director Richard Cordray in his prepared remarks to the Credit Union Advisory Committee identified three areas where the electronic payment system can be improved.
These three areas of concern are transparency, security, and access.
Cordray stated that "transparency can be improved within the electronic payments space to help consumers make more informed decisions and take greater control of their economic lives. When consumers make a deposit into their credit union account, it is often difficult for them to know when the funds will be available...Not knowing when a payment will be credited or debited can cause significant confusion and anxiety for those whose credit union accounts can be precariously low on funds...Consumers deserve better. They deserve transparency. They deserve to know exactly where their money is so they can make informed choices about how best to manage the ways and means of their lives."
Cordray then commented that there is room for improvement to protect "consumers from loss, theft, or mistreatment that may arise from payment security problems." The CFPB believes that consumers should be protected from unauthorized payments and fishing expeditions.
Cordray further believed that there was room for improvement with regard to access to the electronic payment system. He noted that a substantial number of consumers do not have access to the electronic payment system.
Read Cordray's remarks.
As to when a deposit is available, I thought that Regulation CC took care of that. If using mobile deposit, then why hasn't CFPB issued proposed changes to CC to cover that deposit method. I thought that Regluation E gave consumers protections on electronic transactions. This press release reads like Cordray does not know what the regulations his Bureau has at its disposal already does for consumers.
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