Payment system regulation and how it causes consumer confusion

Mark Furletti

No 04-05, Payment Cards Center Discussion Paper from Federal Reserve Bank of Philadelphia

Abstract: On October 14, 2004, the Payment Cards Center hosted a workshop led by Professor Mark Budnitz of Georgia State University School of Law. Budnitz, the author of four books and many Law Review articles on consumer payments, described how the current regime of consumer payment regulation and various new payment products have led to much confusion among consumers. He also discussed a remedy for this situation: the adoption of uniform federal consumer protection standards. This paper summarizes the workshop and is organized around two of Budnitz’s key assertions: (1) the current regulatory environment is confusing for consumers and (2) there is a need for more uniform consumer protection standards.

Keywords: Consumer protection; Debit cards (search for similar items in EconPapers)
Date: 2004
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