Reports

This issue spotlight is part of the CFPB’s broader effort to monitor the rapidly evolving consumer payments industry, including the expansion of Big Tech companies into this sphere.

Payment apps that allow consumers and businesses to quickly send and send money also often provide the ability for users to store those funds. Funds stored on these platforms often lack deposit insurance coverage and are at risk of loss in the event of financial distress or failure of the entity operating the payment platform.

These consumer protection principles are intended to help safeguard consumer interests as the consumer-authorized aggregation services market develops.

The CFPB's Office of Financial Empowerment issued a Request for Information (RFI) to find out more about mobile financial services and how low-income and...

Faster payment systems hold great promise for consumers. But to be safe, transparent, accessible, and efficient, faster payment systems must keep consumer protection concerns in mind.