CFPB expands supervisory authority over Big Tech payment apps
Consumer Financial Protection Bureau issued Final rule affecting Apple Pay, Google Pay, PayPal, Venmo, Zelle, Cash App on November 21, 2024.
- Primary
- Consumer Financial Protection Bureau
- Counterparty
- Apple Pay, Google Pay, PayPal, Venmo, Zelle, Cash App
- Structure
- Final rule
- Date
- November 21, 2024
- Sub-sector
- Payments
CFPB extends oversight to nonbank digital payment providers with 50M+ annual transactions, subjecting Big Tech payment apps to same regulatory scrutiny as traditional financial institutions.
Source: bobsguide.com