When autocomplete results are available use up and down arrows to review and enter to select.
The Consumer Financial Protection Bureau proposed an interpretive rule on how Regulation E and the Electronic Fund Transfer Act apply to emerging payment mechanisms, such as stablecoins and digital assets that operate as a medium of exchange or pay for goods and services.
Background: The EFTA gives consumers the right to dispute erroneous or fraudulent transactions. In addition to digital assets, the CFPB rule would apply to video game tokens for in-game purchases and credit card reward points.
Input: Comments on the proposed interpretive rule are due by March 31. The CFPB also published a blog post asking video gamers to comment on the rule and share their experiences with gaming assets and transactions.
Advocacy: ICBA last year told the CFPB that entities that enable consumers to engage in consumer payment transactions with crypto assets should be regulated in the same way as traditional financial services companies. In a separate comment letter to the CFPB in July, ICBA said digital user accounts should be regulated similarly to bank accounts.