CFPB proposes supervising large non-bank payment firms
Regulator says this is a part of a larger programme to monitor big tech
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
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