Quoted, Frustrated U.S. Payment Firms Told To Wait For ‘Regulation E’, PaymentsCompliance

Greg Hesse speaks with PaymentsCompliance following the Consumer Financial Protection Bureau’s Spring 2018 Rulemaking Agenda and subsequent announcement that reforms to Regulation E, a 1978 rule dealing with electronic fund transfers, have been categorized as “potential long-term actions.” Greg notes that in 2017 the Federal Reserve’s “Faster Payments Task Force” issued a report setting a goal of 2020 to implement a ubiquitous real time electronic payment process. Thus the delays coincide with the country’s national payment infrastructure progress, “I think if you take into consideration that there is a push being made by the Federal Reserve to implement an upgrade of the electronic payments system in the U.S. by 2020, kicking this down the road to allow the committees that are going to be looking at what may be needed to implement that payments structure would make some sense.” Greg concludes, “It makes sense that you actually have the CFPB coming in a little bit after the Federal Reserve’s Task Force committees are making their recommendations looking at new potential systems.”

Frustrated U.S. Payment Firms Told To Wait For ‘Regulation E’, PaymentsCompliance, May 15, 2018.