The National Consumer Law Center (on behalf of its low income clients), Consumer Action, Consumer Federation of America, Consumers Union, the nonprofit publisher of Consumer Reports, National Association of Consumer Advocates, and National Consumers League urge the Consumer Financial Protection Bureau (CFPB) and Federal Reserve Board (FRB) to:
- Open a rulemaking to work towards the elimination of remotely created checks (RCCs) and remotely created payment orders (RCPOs) (called “electronically created items” or “electronic image and information” by the FRB) in consumer transactions.
- In the interim, extend RCC warranties to RCPOs, clarify that RCPOs are covered by the protections of Regulation E, and improve monitoring of both RCCs and RCPOs.
- Treat remotely created items that bear a handwritten electronic “signature” in the same fashion as RCCs and RCPOs.
- Clarify the application of the Expedited Funds Availability Act (EFAA) to ensure that consumers have prompt access to deposits made on mobile and other devices through remote deposit capture (RDC) and to deposits to prepaid cards.