payment app

CFPB report highlights problems military families have experienced with digital payment apps

By Brian Turetsky on June 23, 2023

Posted in CFPB, Payments, Regulatory and Enforcement

On June 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued its Office of Servicemember Affairs Annual Report, which analyzes consumer complaints received from servicemembers, veterans, and their families for the prior year. This year’s report highlights an increasing number of complaints received from servicemembers regarding payment apps and the heightened risks associated with identity theft and unauthorized use for military consumers.… Continue Reading

CFPB report and consumer advisory highlight consumer risk resulting from lack of deposit insurance coverage for funds stored on payment apps

By John L. Culhane, Jr. & Kristen E. Larson on June 2, 2023

Posted in CFPB, Payments

The CFPB has issued an “Issue Spotlight” titled “Analysis of Deposit Insurance Coverage on Funds Stored Through Payment Apps.” The report was accompanied by a consumer advisory on payment apps.

Issue Spotlight. To explain its focus on deposit insurance coverage of funds stored on payment apps (or P2P platforms), the CFPB points to the recent crypto asset platform collapses and bank failures and the growth of non-traditional financial services platforms. … Continue Reading