Company press releases and official announcements

CFPB to Supervise Apple Pay, Other Tech Firms Handling 50M+ Transactions

Nov 21, 2024, 10:12 AM

The U.S. Consumer Financial Protection Bureau (CFPB) has issued a final rule to supervise major tech companies, including Apple, that offer digital wallets and payment apps like Apple Pay. This oversight will treat these tech firms like banks if they handle more than 50 million transactions per year. The rule aims to ensure compliance with standards aimed at minimizing illicit activities in cross-border payments systems, a concern raised by the U.S. Treasury. This development comes amidst concerns over alternative payment systems like the one proposed by the BRICS countries, which has raised alarms in the U.S. about potential risks.