Adapting regulation for the FinTech world

With the stroke of a pen, the Consumer Financial Protection Bureau (CFPB) quietly modernized regulations associated with a 38-year-old law to bring consumer safeguards to today’s mobile world. The consumer-watchdog agency recently issued a final rule aimed at providing wide-ranging protections to pre-paid cardholders. These protections include requiring financial institutions to limit consumers’ losses when their funds are lost or stolen, investigate and resolve errors in connection with pre-paid accounts, and provide consumers with free and accessible information about their accounts, among other protections. Read more: