On May 15, the CFPB published a Federal Register notice withdrawing its proposed interpretive rule on EFTs titled “Electronic Fund Transfers Through Accounts Established Primarily for Personal, Family, or Household Purposes Using Emerging Payment Mechanisms.” As previously covered by InfoBytes, this interpretive rule would have broadened the scope of the EFTA to encompass a broad range of digital assets, including cryptocurrency accounts, credit card rewards accounts, and video game accounts by expanding the definition of “funds” and “account.” The CFPB now withdraws this interpretive rule “because further rulemaking action with respect to this proposal does not align with current agency needs, priorities, or objectives.”

Visit our resource center, CFPB Pause: Where From Here?, to stay on top of the latest and what it may mean for the federal and state regulatory and enforcement landscape.