Consumer Group Letter to House Committee on Energy and Commerce on Payment Processing
In a letter sent to financial and consumer protection agencies, consumer, community and civil rights groups, including CFA, urged federal regulators to continue their efforts to protect consumers from illegal payments debited from consumer accounts. Banks and payment processors need to conduct greater scrutiny of transactions initiated by higher-risk merchants such as telemarketers, debt settlement companies and unlicensed online payday lenders to avoid facilitating illegal payments.
