Payment News

Big Tech in the US to be Supervised

The US regulator, the Consumer Financial Protection Bureau (CFPB), wants to extend its regulatory scrutiny to include tech giants such as Apple and Google and their digital payment apps and wallets. Currently they do not receive the same regulatory scrutiny and oversight as banks and credit unions.

The aim is to protect consumer privacy, guard against fraud, and prevent illegal account closures.

The CFPB is introducing rules that cover organisations handling more than fifty million transactions per year. This affects Apple, Google, Amazon, PayPal, Venmo, Block, and Zelle. The CFPB wants to supervise the providers in relation to privacy and surveillance, errors and fraud, and debanking. It will come into effect 30 days after publication in the Federal Register.