Electronic Fund Transfers through Accounts Established Primarily for Personal, Family, or Household Purposes Using Emerging Payment Mechanisms; Withdrawal

Key Points

• 1Applies to digital payment apps and services that let people move money from their personal checking or savings accounts
• 2Requires companies to follow consumer protection rules similar to those for regular electronic fund transfers, ensuring people's money and personal information are protected
• 3Gives consumers rights like the ability to dispute unauthorized transfers and limits their liability if their account is compromised
• 4Affects payment apps, digital wallets, and other new money-moving services that weren't clearly covered by older banking laws
• 5This is a proposed rule, so the CFPB is asking for public feedback before making it final

Impact Assessment

Key Dates