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The Consumer Financial Protection Bureau (CFPB) has made it easier for people to access stimulus CARES Actfunds by removing some of the legal barriers barring banks from issuing the payments through prepaid accounts, according to a press release. CFPB Director Kathleen L.
A legal case involving how Citi responded to customers who had money stolen via wire transfers has caused a spat between the CFPB and industry associations over the scope of the ElectronicFundTransferAct (EFTA).
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Consumer Financial Protection Bureau (CFPB): Established in response to the 2008 financial crisis, the CFPB is tasked with protecting consumers in the financial marketplace. It formulates policies, provides services, and conducts research to promote the safety, efficiency, and accessibility of payment systems.
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