Credit: Edgar Cervantes / Android Authority
- The Consumer Financial Protection Bureau (CFPB) announced it has finalized a rule to supervise tech firms that offer digital wallets and payment apps.
- Any tech company that handles more than 50 million transactions a year will now be treated more like a big bank.
- The new rule allows the CFPB to investigate if these companies are complying with the law.
Earlier this month, it was reported that the Consumer Financial Protection Bureau (CFPB) was looking to put Google under its supervision due to the tech giant’s practices with financial services. This reality has come to fruition and Google isn’t the only tech firm now under the watchdog’s gaze.
Today, the CFPB announced that it has finalized a rule to begin supervising tech firms that offer digital wallets and payment apps. The rule specifically applies to any tech company that handles more than 50 million transactions a year, like Google and Apple. Going forward, these entities will be treated more like big banks, meaning the CFPB will be making sure these companies follow federal financial laws.