CFPB Plans To Turn Attention To Bank Payments System

Law360, New York (November 21, 2013, 3:02 PM EST) -- The leader of the federal consumer finance watchdog on Thursday called for renewed focus on how to make the electronic payments system safer for customers, and asked for input from industry in modernizing the system.

Consumer Financial Protection Bureau Director Richard Cordray said that the bank-driven payment systems, including credit card payments, direct deposits and other money transfers, has not kept up with technology and that change was needed.

“We are all aware of consumers who find unexpected debits on their bank statements, or are victimized...
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