New CFPB payment privacy rule on the way for gaming companies, cryptocurrencies, Big Tech
By 
Adrianne Appel2025-01-13T19:39:00
The Consumer Financial Protection Bureau (CFPB) has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.
The CFPB also issued a request for information to learn how Big Tech companies are–or are not–protecting consumer privacy.
Americans spend billions every year on immersive world video games, with the objective for many gamers to find unique loot. However, for gamers to attain these precious items they often have to buy in-game currencies. Financial institutions, and other companies engaged in payment transactions, are generally bound by strict privacy rules and rules to protect against fraud.
Related articles
-
News BriefFinal CFPB rule requires Big Tech pay apps to comply with bank rules
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.
-
PremiumGoldman and Apple pay $89M over alleged Apple Card consumer violations
Apple and Goldman Sachs have agreed to pay $89 million for alleged gross customer service failures related to Apple Card, the Consumer Financial Protection Bureau said.
-
ArticleExperts: EU Cyber Resilience Act puts pressure on tech developers, users
The EU’s proposed Cyber Resilience Act primarily puts pressure on tech manufacturers to ensure the cybersecurity of their products, but companies also have a duty of care to use the most secure products available.
More from Regulatory Policy
-
ArticleDigital wallets to speed up regulatory checks for recruitment, property transactions
You can already buy a coffee with your phone, but soon you could start a job or buy a house with it. Digital compliance wallets holding certificates and documents on smartphones are gaining traction worldwide.
-
ArticleU.K. delays audit reforms even as regulator piles on financial pressure
Delays to the U.K.’s Audit Reform and Corporate Governance Bill and creation of the ARGA regulator have sparked criticism. On Sept. 8, 66 MPs sent a letter to the Prime Minister urging reforms be returned to the Parliamentary agenda.
-
News BriefFTC ends appeal over noncompete ban but seeks public input
The FTC officially withdrew its appeal in a federal court case over its ban on employer noncompete clauses that it passed last year. The agency, however, says it wants public input regarding the effects of employer noncompete agreements.