CFPB Enforces New Rules on Big Tech Payment Services for Enhanced Oversight
TL;DR Summary
The Consumer Financial Protection Bureau (CFPB) has finalized a rule to expand its oversight to nonbank firms offering digital payment services, such as Apple Pay, Cash App, PayPal, and Zelle, that handle over 50 million transactions annually. This move aims to ensure these tech and fintech companies comply with the same laws as banks, focusing on consumer privacy, fraud prevention, and legal compliance. The rule, supported by the banking industry, will take effect 30 days after publication, impacting seven major nonbank firms.
- 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
- 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
- Apple will now be treated like a bank, says US Consumer Financial Protection Bureau 9to5Mac
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