CFPB to Meet with Trade Groups Over Peer-to-Peer Payment Fraud

The Consumer Financial Protection Bureau plans to meet with financial industry trade groups as the regulator works on guidance that could push companies to reimburse scam victims who lost money on payment apps.

The Electronic Transactions Association, Consumer Bankers Association, and American Bankers Association are among the groups scheduled to meet virtually with the CFPB on Sept. 21 to discuss efforts to protect consumers from frauds, according to people familiar with the plans.

The types of frauds that will be covered in the meetings include person-to-person scams and those perpetuated by fake bank representatives, the people said.

The trade groups’ ...