CFPB proposes supervising large non-bank payment firms

Regulator says this is a part of a larger programme to monitor big tech

Faster payments

The Consumer Financial Protection Bureau announced plans to regulate large non-banks offering digital wallets and payment applications on November 7. The bureau said the proposed rule is a part of a wider focus on large technology firms in the consumer finance sector.

The CFPB, a financial conduct regulator created by the Dodd-Frank Act, has the power to regulate certain financial services that it can define through regulation. The proposed rules would delineate a market for “general-use

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account