"CFPB Proposes Federal Oversight of Big Tech Payments and Digital Wallets"

The Consumer Financial Protection Bureau (CFPB) has proposed a new rule to supervise larger nonbank companies, including Big Tech firms, that offer digital wallets and payment apps. The rule aims to ensure that these companies, handling more than 5 million transactions per year, adhere to the same rules as banks and credit unions. The CFPB's oversight would help protect consumers by ensuring compliance with consumer protection laws and promoting fair competition in the marketplace. This proposed rule is part of the CFPB's efforts to monitor the entry of Big Tech into consumer financial markets and address potential risks.