In response to advanced payment technology and consumers’ preference to non-traditional payment systems of writing checks, paying cash, or swiping a credit or debit card, the Consumer Financial Protection Bureau (CFPB) recently released a list of nine “Consumer Protection Principles” that CFPB says is its “vision of consumer protection in new faster payments systems….faster payments could enable faster, safer, and more accessible commerce.”

The nine principles are:

  1. consumer control over payments;
  2. data and privacy;
  3. faster and error resolution protections;
  4. transparency about transaction status and timely disclosures to consumers about costs, risks, funds availability, and security of payments;
  5. affordable cost and disclosure of costs to consumers for comparison;
  6. broad accessibility to consumers through qualified intermediaries and non-depositories, such as mobile wallet providers and payment processors provided they are functional and secure;
  7. faster funds availability;
  8. security and payment credential value; and
  9. strong accountability mechanisms to curtail system misuse.