Big Tech rebuffs US consumer watchdog plans to supervise digital wallets
The warnings from the Computer & Communications Industry Association (CCIA) -- whose members also include Amazon, Facebook parent Meta and X, formerly known as Twitter -- responded to November's proposal by the U.S. Consumer Financial Protection Bureau (CFPB), which said tech giants' smartphone payments and wallets services rivaled traditional payment methods but lacked the same consumer safeguards. The CFPB proposal, which has yet to be finalized, would subject such companies to the same kind of supervision currently imposed on banks, with agency examiners inspecting complianc...
Source: yahoo.com
