Regulators Push for Stricter Oversight of Big Tech Payments and Digital Wallets

The United States Consumer Financial Protection Bureau (CFPB) has proposed new oversight requirements for technology companies like Apple that offer digital wallets and payment apps. The proposed rule would subject companies handling more than five million transactions per year to the same rules and scrutiny as large banks and financial institutions. The CFPB aims to ensure that tech companies are following funds transfer, privacy, and consumer protection laws. This move comes as the CFPB has received an increasing number of complaints about tech companies in the consumer finance market and seeks to protect consumers from potential risks.