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>And in the US, the CFBP regulatory banhammer is about to drop as well Why do you think so?
by chipperyman573 10y ago
>And in the US, the CFBP regulatory banhammer is about to drop as well
Why do you think so?
- hprotagonist 10y ago>The new CFPB rules are sweeping not just in their treatment of prepaid accounts, but in their broad interpretation of what a prepaid account is. The regulations will cover reloadable cards, cards used for government benefits, payroll cards, and some popular electronic and mobile systems. Venmo and PayPal, for instance—which allow users not only to pay each other directly, but to store money within the platform—will also be required to follow stricter guidelines and assume more liability for fraud, loss, and account errors. The CFPB has included digital-wallet options in its rules in spite of strong objections from the industry, which maintains that its products don’t pose the same risks to consumers that prepaid cards do. [0]:http://www.theatlantic.com/business/archive/2016/10/cfpb-prepaid-venmo/503000/ http://www.theatlantic.com/business/archive/2016/10/cfpb-pre...