CFPB asks whether anyone has thoughts about electronic money transfers
Published Date: 10/30/2026
Notice
Summary
The Consumer Financial Protection Bureau wants to keep collecting info about electronic fund transfers, like how money moves between accounts. This affects businesses that handle these transfers and helps make sure consumers get clear info about fees and rights. They’re asking for your thoughts by December 29, 2026, so don’t miss out on sharing your opinion!
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Error resolution and limited liability protections
EFTA and Regulation E establish error resolution procedures and limit consumer liability for unauthorized electronic fund transfers. These protections apply when consumers experience unauthorized transfers or errors in EFT services.
Required disclosures about EFT costs and rights
Under the Electronic Fund Transfer Act and Regulation E, entities that offer electronic fund transfer (EFT) services must provide consumers accurate disclosures of the costs, terms, and rights related to those services. These disclosures apply to services like ATM transfers, telephone bill-pay, point-of-sale transfers, electronic check conversion, payroll cards, and preauthorized transfers.
Remittance transfer disclosure and cancellation rights
EFTA and Regulation E set a legal framework for remittance transfers that includes required disclosures, error resolution procedures, and consumer cancellation rights for remittance transfers. These rules apply to consumers who send remittances to other countries.
Paperwork burden on businesses continues
The CFPB is requesting OMB extend its existing information collection under the Electronic Fund Transfer Act (Regulation E). The collection lists the affected public as the private sector, estimates 600,000 respondents, and estimates 3,361,056 total annual burden hours. The Bureau is accepting written comments on this extension through December 29, 2026.
Protections for gift, prepaid, and general-use cards
EFTA and Regulation E impose disclosure and other requirements on issuers and sellers of gift cards, gift certificates, and general-use prepaid cards. These requirements are intended to ensure consumers receive accurate information about those products.
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