CFPB Compliance Bulletin 2022-02: EFT Act’s Compulsory Use Prohibition and Government Benefit Accounts

February 15, 2022

The Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin on the Electronic Fund Transfer Act’s (EFTA) compulsory use prohibition which provides, among other things, that no person may require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of receipt of a government benefit.

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