Person-to-Person Payments (P2P) Archives

Op-Ed in American Banker: "It is essential that we protect consumers from fraud over P2P networks"

March 15, 2023

In an op-ed appearing in American Banker on March 15, 2023, Carla Sanchez-Adams calls for clear, uniform P2P fraud protections to level the playing field between payment systems that keep fraud to low levels and those that don't.

CFPB Must Protect Consumers From Fraud in Payment Systems

December 21, 2021

December 21, 2021 Today, 65 consumer, civil rights, faith, legal services, and community groups submitted comments to the Consumer Financial Protection Bureau (CFPB) in response to its inquiry into certain business practices of six large technology companies operating payments systems in the United States. The groups urged the CFPB to require person-to-person (p2p) payment providers…

NCLC’s Saunders Testifies on Buy Now, Pay Later and Other Fintech Cashflow Products

November 1, 2021

On Tuesday, Nov. 2 at 10 am ET, Lauren Saunders, associate director of the National Consumer Law Center will testify before the U.S. House Committee on Financial Services’ Task Force on Financial Technology during a hearing titled, “Buy Now, Pay More Later? Investigating Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products.” …

Fed Must Do More to Protect Consumers From Fraud and Mistakes in New P2P Payment System

September 9, 2021

September 9, 2021 FedNow System Must Not Launch Until it is Safe Washington — The Federal Reserve Board must do more to protect consumers, small businesses and other users from fraud and mistakes in the new “FedNow” instant person-to-person (P2P) system that it is developing, according to comments submitted today by consumer, small business, community…

CFPB Quietly Launches Web Database of Prepaid and Payroll Card Fees and Disclosures but Some Cards with Overdraft Fees are Missing

October 16, 2019

FOR IMMEDIATE RELEASE: October 16, 2019 National Consumer Law Center contacts: Lauren Saunders ([email protected]) or Jan Kruse ([email protected]) Washington, D.C. – Advocates at the National Consumer Law Center urged the public to check out a new online tool from the Consumer Financial Protection Bureau (CFPB) where consumers, workers, researchers, employers, and others can see prepaid…

Advocates Applaud the Fed’s Faster Payment System, Urge Fraud Protection

August 6, 2019

FOR IMMEDIATE RELEASE: August 6, 2019 Washington, D.C. – Advocates at the National Consumer Law Center applauded yesterday’s announcement by the Federal Reserve Board (the Fed) that it will develop a real-time payment system, while urging the Fed to ensure protection against scammers and criminals who use faster payment systems to receive and move money.…

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