CFPB Finalizes Rule on Popular Digital Payment Apps to Protect Personal Data, Reduce Fraud, and Stop Illegal “Debanking”
The final rule brings supervision to “Big Tech” and other widely used digital payment apps The Consumer Financial Protection Bureau (CFPB) has finalized a rule to supervise the largest non-bank companies offering digital funds transfer and payment wallet apps.
CFPB finalizes rule to oversee digital payment giants like Apple Pay
New rules will let the CFPB supervise Apple Pay and other major players to protect consumers from fraud, privacy breaches, and surprise closures. Today, the Consumer Financial Protection Bureau (CFPB) finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps,
As the Trump Administration Looms, the CFPB Issues a Rule for Payments Apps
Federal regulation is coming to payments apps offered by the country’s biggest tech companies. The Consumer Financial Protection Bureau said early Thursday it has “finalized” a rule that will regulate wallets and digital money transfers offered through payments services such as those of Apple Inc., Block Inc., Google Inc., and PayPal Inc.
CFPB expands oversight of digital payments services including Apple Pay, Cash App and PayPal
The most popular apps covered by the rule collectively process more than 13 billion consumer payments a year, the CFPB said.
CFPB expands oversight to PayPal and Block, says New Street
New Street says the Consumer Financial Protection Bureau’s finalized rule that it will soon supervise non-bank firms that offer financial
US CFPB finalises rule to supervise big tech digital payments
Regulatory supervision will involve detailed scrutiny to ensure compliance with federal law, a process banks routinely undergo.
Apple Pay, Other Tech Firms Come Under CFPB Oversight
The top US consumer watchdog will supervise Apple Inc. and other major technology firms that offer digital wallets and payment apps, finalizing a proposal from last year with several changes.
CFPB expands oversight of digital payments services: Here's what you need to know
Rohit Chopra, Director of the Consumer Financial Protection Bureau, joins CNBC's 'Squawk Box' to discuss expanding digital pay oversight, the push to cap credit card interest rates, and more.
ConsumerAffairs23h
Banks have long knives out for consumer watchdog CFPB
The Consumer Financial Protection Bureau (CFPB) was founded after the financial crisis of 2008 to rein in banks and other ...
JD Supra7h
Federal Court Denies Request to Delay CFPB’s Small Business Lending Rule as Compliance Deadlines Approach
On November 15, the U.S. District Court for the Southern District of Texas overseeing the ongoing legal challenge to the CFPB’s Section 1071 ...
The Big Changes Coming To Elizabeth Warren’s CFPB And Fintech Regulation
With a new administration and GOP-controlled Congress, a wild swing in regulatory policy is coming to the Consumer Financial ...
Auto Remarketing9h
CFPB examines carveouts in state data privacy laws for financial institutions
The Consumer Financial Protection Bureau recently released a report examining federal and state-level privacy protections for ...
JD Supra7h
New CFPB Larger Participant Rule Boosts Oversight of Major Digital Payment Providers
On November 21, the CFPB announced the arrival of its finalized larger participant rule (the “Rule”) regulating nonbank companies offering ...
Top federal watchdog announces new oversight of tech giants
The Consumer Financial Protection Bureau could soon closely monitor payment systems run by Google, Apple and Venmo.
Student loan servicers are pulling incorrect payments from borrowers' bank accounts
“Unfortunately, autopay errors were one of the most widespread, basic and consequential servicer errors we saw this year,” ...