CFPB Unveils Plan to Supervise Big Tech Digital Wallet and Payment App Providers | Insights
On Nov. 7, 2023 the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, establish the CFPB’s supervisory authority over certain “larger participant” nonbank companies that provide digital wallets and payment applications. The CFPB will receive comments on the proposed rule through Jan. 8, 2024, or 30 days after the proposed rule is published in the Federal Register, whichever is later.
Source: gtlaw.com