Summary: CFPB withdrawal of proposed interpretive rule  – Electronic Funds Transfers (Emerging Payment Mechanisms)

NASCUS Summary re: CFPB withdrawal of proposed interpretive rule  – Electronic Funds Transfers (Emerging Payment Mechanisms)

12 CFR Part 1005

The Bureau is withdrawing this proposed interpretive rule effective as of May 15, 2025.  The withdrawal notice can be found here.

Summary

The proposed interpretive rule was intended to assist companies, investors, and other market participants evaluating existing statutory and regulatory requirements governing electronic fund transfers.

The Bureau is withdrawing this proposal because it does not align with the current agency needs, priorities or objectives.  The Bureau continues to evaluate the need for guidance related to the legal requirements associated with EFTs and will take further action if deemed necessary.  In addition, comments received raise questions as to whether the proposed interpretative rule properly interprets the ETFA.  The Bureau notes that if it deems that an interpretative rule related to the legal requirements under the EFTA is necessary, it believes an additional comment period would be beneficial.  (May 15, 2025)