Proposed Rule2025-08646
Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes Using Emerging Payment Mechanisms; Withdrawal
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
May 15, 2025
Issuing agencies
Consumer Financial Protection Bureau
Abstract
The Consumer Financial Protection Bureau (Bureau) is withdrawing a proposed interpretive rule, Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes Using Emerging Payment Mechanisms. The Bureau will not take any further action on this proposed interpretive rule.
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 93 (Thursday, May 15, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 93 (Thursday, May 15, 2025)]
[Proposed Rules]
[Page 20568]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-08646]
========================================================================
Proposed Rules
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains notices to the public of
the proposed issuance of rules and regulations. The purpose of these
notices is to give interested persons an opportunity to participate in
the rule making prior to the adoption of the final rules.
========================================================================
Federal Register / Vol. 90, No. 93 / Thursday, May 15, 2025 /
Proposed Rules
[[Page 20568]]
CONSUMER FINANCIAL PROTECTION BUREAU
12 CFR Part 1005
[Docket No. CFPB-2025-0003]
Electronic Fund Transfers Through Accounts Established Primarily
for Personal, Family, or Household Purposes Using Emerging Payment
Mechanisms; Withdrawal
AGENCY: Consumer Financial Protection Bureau.
ACTION: Proposed interpretive rule; withdrawal.
-----------------------------------------------------------------------
SUMMARY: The Consumer Financial Protection Bureau (Bureau) is
withdrawing a proposed interpretive rule, Electronic Fund Transfers
Through Accounts Established Primarily for Personal, Family, or
Household Purposes Using Emerging Payment Mechanisms. The Bureau will
not take any further action on this proposed interpretive rule.
DATES: The proposed interpretive rule is withdrawn as of May 15, 2025.
ADDRESSES: You can view and download related documents and public
comments by going to the website <a href="http://www.regulations.gov">http://www.regulations.gov</a>. Enter the
docket number CFPB-2025-0003 in the search field.
FOR FURTHER INFORMATION CONTACT: George Karithanom, Regulatory
Implementation and Guidance Program Analyst, Office of Regulations, at
202-435-7700. If you require this document in an alternative electronic
format, please contact <a href="/cdn-cgi/l/email-protection#b9faffe9fbe6f8dadadccacad0dbd0d5d0cdc0f9dadfc9db97ded6cf"><span class="__cf_email__" data-cfemail="33707563716c7250505640405a515a5f5a474a73505543511d545c45">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The Bureau is withdrawing the notice of
proposed interpretive rule, Electronic Fund Transfers Through Accounts
Established Primarily for Personal, Family, or Household Purposes Using
Emerging Payment Mechanisms. 90 FR 3723 (Jan. 15, 2025). The proposed
interpretive rule was intended to assist companies, investors, and
other market participants evaluating existing statutory and regulatory
requirements governing electronic fund transfers (EFTs). For example,
it provides definitions of relevant terms, such as ``financial
institution,'' ``funds,'' and ``account,'' and explains consumer
protections under applicable laws like the Electronic Fund Transfer Act
(EFTA).
The Bureau is withdrawing this notice of proposed interpretive rule
because further rulemaking action with respect to this proposal does
not align with current agency needs, priorities, or objectives. The
Bureau is continuing to evaluate the need for guidance related to the
legal requirements associated with EFTs and will take further action if
deemed necessary.
Moreover, the comments received on this notice of proposed
interpretive rule raise multiple issues warranting further attention
related to, for example, whether the proposed interpretive rule
properly interprets the EFTA. The Bureau is therefore withdrawing the
notice of proposed interpretive rule. Should the Bureau determine that
an interpretive rule related to the legal requirements associated with
EFTs is necessary in the future, the Bureau believes such proposal
would benefit from an additional comment period on any proposals
accounting for the issues raised by commenters.
Authority and Issuance
For each of these independently sufficient reasons, the Bureau is
withdrawing the notice of proposed interpretive rule.
Russell Vought,
Acting Director, Consumer Financial Protection Bureau.
[FR Doc. 2025-08646 Filed 5-14-25; 8:45 am]
BILLING CODE 4810-AM-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on May 15, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.