CFPB to Regulate Apple Pay Like a Bank

Consumer Financial Protection Bureau (CFPB) will begin regulating large nonbank digital payment platforms like Apple Pay.
CFPB to Regulate Apple Pay Like a Bank
The Consumer Financial Protection Bureau (CFPB) has announced that it will begin regulating large nonbank digital payment platforms like Apple Pay and Google Pay, subjecting them to the same federal oversight as traditional financial institutions. This move comes as digital payment systems become increasingly popular, with Apple Pay processing over 50 million transactions annually in the U.S. The CFPB will now supervise companies handling more than 50 million transactions per year, ensuring they comply with federal consumer financial laws. This increased scrutiny aims to protect consumer privacy, prevent fraud, and address unfair practices like unwarranted account closures. The CFPB today finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps...The rule will help the CFPB ensure that these companies...follow federal law just like large banks, credit unions, and other financial institutions. CFPB Director Rohit Chopra highlighte…

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