How are the regulations for Electronic Fund Transfers (EFTs) different from those for Peer-to-Peer (P2P) payments?

The Electronic Fund Transfer Act (EFTA) governs many electronic transfers, including consumer transfers made through P2P services. P2P payments are a type of electronic fund transfer, so they are not generally exempt from the same federal law. The Fair Credit Reporting Act concerns credit reporting, while credit card rules do not apply to every EFT or P2P payment.

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