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CFPB to Supervise Big Tech Digital Wallets Like Apple Pay, Treating Them Like Banks

Nov 21, 2024, 12:10 PM

The U.S. Consumer Financial Protection Bureau (CFPB) has finalized a rule to bring major technology companies offering digital wallets and payment apps under its supervision, overseeing over 13 billion annual payments. Companies like Apple Pay, Google Pay, Venmo, and other major payment apps that handle over 50 million transactions per year will now be treated like banks and subjected to rigorous oversight to ensure consumer protection. "You shouldn't suddenly lose access to your money," said CFPB Director Rohit Chopra. The CFPB aims to examine federal and state privacy protections for consumers’ financial data and strengthen oversight over big tech and other major payment apps to prevent consumers from losing access to their funds.