Legal hurdles laid bare in CFPB's proposal to supervise Big Tech firms americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
The proposal, which has yet to be finalised, would subject such companies to the same kind of supervision currently imposed on banks, with agency examiners inspecting compliance with laws on unfair or deceptive practices and privacy protections, as well as scrutinising executives' conduct.
Big Tech: However, Krisztian Katona, CCIA's head of regulatory policy, said in a statement seen by Reuters the proposal risked doing more harm than good "as broad, overly burdensome or heavy-handed digital regulation could significantly hinder new startups in this industry."
A U.S. watchdog's plan to supervise
companies like Apple and Alphabet's Google
that provide digital wallets and payment apps risks stifling
innovation and keeping some players out of the market,...
US watchdog's plan to regulate digital wallets sparks innovation concerns samaa.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from samaa.tv Daily Mail and Mail on Sunday newspapers.