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CFPB Urges Privacy Considerations In Faster Payments Push

Law360, New York (July 10, 2015, 2:42 PM EDT) -- The U.S. consumer finance watchdog on Thursday said that developers should take into account privacy, anti-fraud measures and error resolution as they work to create a new, faster payments infrastructure.

The Consumer Financial Protection Bureau released its “guiding principles” for a faster payments system, highlighting nine areas that the financial industry and the Federal Reserve should take into account as they develop new systems for transferring money between parties that would replace current methods.

Although the CFPB’s guiding principles are not binding on the developers working...
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