Final CFPB rule requires Big Tech pay apps to comply with bank rules
By 
Adrianne Appel2024-11-21T18:30:00
Big Tech digital payment apps will be subjected to increased oversight and requirements–similar to that of banks and credit unions–under a finalized rule by the Consumer Financial Protection Bureau (CFPB).
Digital payment platforms and wallets offered by companies like Amazon and Apple have exploded in popularity, but process billions of financial transactions without the same surveillance and routine inspections required of banks and credit unions, the CFPB said.
The agency started tracking Big Tech payment platforms in October 2021, when it ordered six companies–Amazon, Apple, Facebook, Google, PayPal, and Square–seeking detailed information about their practices. In 2022, it warned the companies against certain types of behavioral marketing, which would violate federal consumer protection laws. In November 2023, it issued a proposed rule for digital wallet apps.
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