Skip Ribbon Commands
Skip to main content
Sign In

U.S. consumer finance agency concerned about electronic payments

U.S. consumer finance agency concerned about electronic payments

                                         

Consumer Financial Protection Bureau concerned electronic payment systems too insecure, can be misused to victimize consumers 

                              

​The Consumer Financial Protection Bureau is concerned that electronic payment systems are too insecure and can be misused to victimize consumers unless banks and administrators enforce safeguards, 

In a speech, Director Richard Cordray said too many online lenders are also abusing the electronic payments system and financial institutions that accept these lenders as clients must do a better job of honoring the Electronic Fund Transfer Act. He also said the payment and ACH systems lack transparency, which leads to overdrafts. 

This and more news in this week's edition of ICBA's News Watch​.

Security; Digitalisation; Banking Technology