Bill > S4943

This bill, the Protecting Consumers From Payment Scams Act, amends the Electronic Fund Transfer Act to treat fraudulently induced electronic fund transfers the same as unauthorized electronic fund transfers. Key provisions include: defining "unauthorized or fraudulently induced electronic fund transfer," expanding the definition of "error" to include consumer mistakes and inaccessible accounts, and establishing shared liability between financial institutions involved in an unauthorized or fraudulently induced transfer. The bill also grants the Consumer Financial Protection Bureau authority to identify certain financial institutions that materially support others in electronic fund transfers and establish rules for their shared liability.