CFPB finalizes rule expanding oversight of nonbank digital payments
CFPB issued Final rule affecting Apple, Google, Amazon, PayPal, Block, Venmo, Zelle on November 21, 2024.
- Primary
- CFPB
- Counterparty
- Apple, Google, Amazon, PayPal, Block, Venmo, Zelle
- Structure
- Final rule
- Date
- November 21, 2024
- Sub-sector
- Payments
CFPB establishes supervisory authority over nonbank payments firms processing 50M+ transactions annually, subjecting tech and fintech companies to proactive examinations and compliance requirements previously applied only to banks.
Source: cnbc.com