CFPB Enforces Bank-Like Regulations on Digital Payment Apps
TL;DR Summary
The U.S. Consumer Financial Protection Bureau (CFPB) has ruled that digital payment services like Apple Pay, Cash App, and PayPal, which handle over 50 million transactions annually, will be subject to bank-like supervision. This move aims to enhance oversight on issues such as incorrect transactions, fraud, and data privacy. However, the rule will not cover crypto transactions, focusing only on those conducted in USD.
- Apple Pay, Cash App, PayPal and other apps to be treated more like banks TechCrunch
- CFPB Finalizes Rule on Federal Oversight of Popular Digital Payment Apps to Protect Personal Data, Reduce Fraud, and Stop Illegal “Debanking” Consumer Financial Protection Bureau
- CFPB expands oversight of digital payments services including Apple Pay, Cash App, PayPal and Zelle CNBC
- US watchdog issues final rule to supervise Big Tech payments, digital wallets Reuters
- Top federal watchdog announces new oversight of tech giants The Washington Post
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