The Consumer Financial Protection Bureau today proposed an interpretive rule to expand Electronic Fund Transfer Act protections to digital payment mechanisms, such as those involving stablecoins or transactions in video games. The bureau also is seeking public comment to better understand how companies that offer financial products collect and use consumer data.
The EFTA regulates electronic transfers made through ATMs point-of-sale terminals and other technologies. Among other things, the regulation gives consumers the right to dispute erroneous or fraudulent transactions. Under the interpretive rule, the CPFB would expand EFTA protections to in-game transactions in video games, esports betting and transactions involving stablecoins.
The proposed interpretive rule would not be finalized until after President-elect Trump takes office, and it is unclear whether his administration will prioritize the issue.
