The Consumer Financial Protection Bureau has released consumer protection recommendations for faster payment systems. One security expert questions if the CFPB’s recommendations will have much impact, while another says this could be a first step toward more regulations for banks and credit unions. A third contends that some of the recommendations, if mandated, would do more harm than good. The recommendations highlight consumer privacy and data security concerns that should be addressed as the private sector works to conform to faster payments initiatives outlined by the Federal Reserve System and NACHA earlier this year.”]
Source: https://www.bankinfosecurity.com/analysis-cfpbs-faster-payment-guidelines-a-8402