CFPB Keeps Collecting EFT Fee Data from Banks
Published Date: 3/10/2025
Notice
Summary
The Consumer Financial Protection Bureau is asking to keep collecting info about electronic fund transfers, like fees and rules, from businesses. This helps make sure companies share clear details with customers. If you’re a business involved in electronic payments, you might spend some time on this, and the public can comment until May 9, 2025.
Analyzed Economic Effects
6 provisions identified: 3 benefits, 3 costs, 0 mixed.
Large paperwork burden on EFT businesses
The CFPB requests extension of its information collection under the Electronic Fund Transfer Act (Regulation E) (OMB Control Number 3170-0014). The agency estimates 600,000 respondents and a total annual burden of 3,361,056 hours for businesses and other for-profit institutions that offer electronic fund transfer services.
Consumer protections for electronic transfers
The Electronic Fund Transfer Act (EFTA) and Regulation E require that entities offering electronic fund transfer services give consumers accurate disclosures about costs, terms, and rights. EFTA also establishes error resolution procedures and limits consumer liability for unauthorized transfers, protecting users of services like ATMs, telephone bill-pay, point-of-sale transfers, electronic check conversions, payroll cards, and preauthorized transfers.
Protections for remittance senders
EFTA and Regulation E provide protections for U.S. consumers who send remittance transfers to persons in foreign countries. These protections require disclosures and other consumer safeguards for remittance transfers.
Prepaid account consumer protections and rules
Regulation E provides comprehensive protections for consumers who use 'prepaid accounts,' including tailored rules on disclosures, limited liability, error resolution, periodic statements, and requirements related to posting account agreements. Regulation E also regulates overdraft credit features offered with prepaid accounts.
Gift card and prepaid seller requirements
EFTA and Regulation E impose disclosure and other requirements on issuers and sellers of gift cards, gift certificates, and general-use prepaid cards. Businesses that issue or sell these products must follow those disclosure and compliance rules under Regulation E.
Prepaid account issuer obligations
Regulation E adds requirements related to posting account agreements and regulates overdraft credit features offered in connection with prepaid accounts, creating compliance obligations for prepaid account issuers and program managers.
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Key Dates
Department and Agencies
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