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The CFPB weighed in yesterday on faster payment networks, announcing a set of guiding principles designed to ensure that the new systems "are secure, transparent, accessible and affordable to consumers."

The bureau said consumer protections should be "at the forefront" as new payment systems are developed by the private sector. The protections recommended yesterday relate to privacy, transparency, costs, security and consumer control. They also cover funds availability, fraud and error resolution protections, and payment system accessibility.

"Companies developing new financial technologies should be building systems from the outset with consumer protections in mind," said CFPB Director Richard Cordray. "It is a lot easier to build something right from the start than it is to retrofit it."

NAFCU Regulatory Affairs Counsel Kavitha Subramanian responded with a statement underscoring the association's view that the payments industry must play a leading role in shaping a faster payments system.

"NAFCU firmly believes that the payments industry must determine the best way to adopt a ubiquitous faster payment system that provides cost-effective and fair access for financial institutions of all sizes," Subramanian said. "NAFCU strongly urges the CFPB to engage with other federal regulators focusing on faster payment issues – such as the Federal Reserve – to ensure there are no duplicative regulatory burdens for credit unions to comply with."

Subramanian noted that NAFCU has been very involved with the Federal Reserve's efforts thus far in gathering input on how to improve the U.S. payments system. NAFCU has maintained that the Fed should not dictate payment system changes but should allow industry to determine those.