CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers
Friday, May 24, 2024
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Posted by: Sierra Lindemann
The Consumer Financial Protection Bureau (CFPB) has proposed a rule to supervise large nonbank companies offering digital wallets and payment apps, aiming to ensure they adhere to the same regulations as banks and credit unions. This move targets companies handling over 5 million transactions annually, addressing the growing influence and associated risks of Big Tech in consumer finance. The rule would enhance oversight and consumer protection in a rapidly evolving digital payment landscape.
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