Comments Due to NAFCU: CFPB - Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications

Important Regulatory Dates Add to Calendar 2023-12-22 17:00:00 2023-12-22 17:00:00 Comments Due to NAFCU: CFPB - Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications NAFCU would like to highlight the following: The proposal targets nonbank covered persons that provide funds transfer or wallet functionalities through a digital application for consumers’ general use in making “consumer payments transactions.”  In general, a nonbank would be regarded as a larger participant and subject to CFPB supervision if it has annual covered consumer payment transaction volume of at least five million transactions and is not a small business concern based on Small Business Administration (SBA) size standards.  The CFPB recognizes that certain digital payment applications do not fall within the proposed “consumer payment transactions” definition because they do not have general use. Comments due to NAFCU: December 22, 2023 Comments due to CFPB: January 8, 2024 Comment now   NAFCU will send comments on behalf of its members to the CFPB by its deadline (January 8, 2024). Location NAFCU digital@nafcu.org America/New_York public

NAFCU would like to highlight the following:

  • The proposal targets nonbank covered persons that provide funds transfer or wallet functionalities through a digital application for consumers’ general use in making “consumer payments transactions.” 
  • In general, a nonbank would be regarded as a larger participant and subject to CFPB supervision if it has annual covered consumer payment transaction volume of at least five million transactions and is not a small business concern based on Small Business Administration (SBA) size standards. 
  • The CFPB recognizes that certain digital payment applications do not fall within the proposed “consumer payment transactions” definition because they do not have general use.

Comments due to NAFCU: December 22, 2023

Comments due to CFPB: January 8, 2024

Comment now  

NAFCU will send comments on behalf of its members to the CFPB by its deadline (January 8, 2024).