On December 13, 2021, the Consumer Financial Protection Bureau posted an update to its Compliance Aid, “Electronic Fund Transfers FAQs”. The update covered new or updated frequently asked questions for EFT disputes regarding coverage for transactions and financial institutions as well as additional guidance on error resolution.
The updates for transaction coverage largely pertained to person-to-person (“P2P”) payments and when they are considered EFTs. Similarly, the updates for financial institution coverage chiefly centered on non-bank P2P payment providers. The FAQs responses for error resolution reinforced financial institution obligations for handling EFT disputes. Further error resolution guidance was provided on topics including unauthorized EFTs, consumer liability, P2Ps, consumer negligence, and multiple EFT dispute scenarios.
To see the full update, click the following link: Electronic Fund Transfers FAQs.