CFPB Enforces New Oversight on Digital Payment Apps for Enhanced Security
TL;DR Summary
The Consumer Financial Protection Bureau (CFPB) has finalized a rule to supervise large nonbank digital payment apps, ensuring they comply with federal laws similar to banks and credit unions. This rule targets companies processing over 50 million transactions annually, aiming to protect consumer privacy, reduce fraud, and prevent illegal account closures. The CFPB's oversight will address issues like data collection, transaction errors, and "debanking," enhancing consumer protection in the rapidly growing digital payment sector.
- 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
- Top federal watchdog announces new oversight of tech giants The Washington Post
- Apple Pay, Cash App, PayPal and other apps to be treated more like banks TechCrunch
- Apple Pay, Other Tech Firms Come Under CFPB Oversight Bloomberg
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