On July 9, 2015, the CFPB issued Consumer Protection Principles for ensuring that consumers are protected as the financial services and technology industry develops faster payment systems. A proponent of faster payments, the CFPB states that improvements to the payments system could enable "faster, safer, and more accessible commerce." The Bureau's guiding principles relate to privacy, transparency, costs, security, and consumer control of the payments system, and include:
- Consumer Control Over Payments: Options that enable consumers to limit aspects of the payment process and easily revoke authorization
- Data and Privacy: Upfront disclosure and limited collection and use of consumer data
- Fraud and Error Resolution Protections: Procedures to quickly address unauthorized use and errors
- Transparency: Real-time access to information and timely consumer disclosures
- Cost: Clear and affordable fee structures
- Access: Wide acceptance of any new payment systems
- Funds Availability: Faster clearing and settlement to reduce latency in funds availability information
- Security and Payment Credential Value: Safeguarding consumer data and limiting the extent of data breaches
- Strong Accountability Mechanisms That Effectively Curtail System Misuse: Automated monitoring and incentives to prevent and report misuse
The CFPB notes that several other federal regulators play a role in governing the payment networks, in addition to operator and private network rules. The Bureau also highlighted that federal regulators often have different goals and scopes of authority when regulating payment systems. The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and state banking commissions focus on rules that combat money laundering and ensure the safety and soundness of payment system participants; the Federal Trade Commission, like the CFPB, focuses on consumer aspects of the payments system.