Consumers need clarity about the application of the EFTA and Regulation E to emerging payment mechanisms. More specifically, consumers utilizing crypto-assets as payments and holding funds in accounts through gaming platforms, credit card rewards, and similar devices need the protection of the EFTA— its error resolution procedures, limits on consumer liability for unauthorized EFTs, and requirements for initial and ongoing disclosures.
As such, NCLC supports the CFPB’s proposed interpretive rule, which would clarify that these payment mechanisms and platforms are subject to the EFTA and Regulation E.
See all resources related to: Banking, Payments & Remittances