Law360, New York (July 21, 2015, 10:39 AM EDT) -- On July 9, 2015, the Consumer Financial Protection Bureau continued its focus on payment processing and joined the Federal Reserve's efforts to develop faster and more secure payment systems by releasing its "Vision of Consumer Protection in New Faster Payment Systems" ("principles"). Although the CFPB has expressed its support for faster payments, fintech businesses and other industry stakeholders should heed the CFPB's warning that they must consider consumer protection issues, including data privacy and security, fraud prevention and error resolution. The warning carries the weight of enforcement actions in which the CFPB recently held payment processors responsible for harm caused by others. The CFPB's principles, coupled with its most powerful and versatile tool — the power to take action against unfair, deceptive, and abusive acts and practices (UDAAPs) — puts the industry on notice that they cannot wait for more detailed prescriptive guidance or regulations, and instead, must adapt to the CFPB's evolving policy and enforcement approach....