CFPB Finalizes Rule on Digital Payment App Oversight
The Consumer Financial Protection Bureau (CFPB) has finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies – specifically those handling more than 50 million transactions per year – follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB. The CFPB estimates that the most widely used apps covered by the rule collectively process over 13 billion consumer payment transactions annually.
Click Read More below to see the entire press release from CFPB.
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| Topic | |
| Delivery Type | - Articles / Editorial
- Partner / Industry Resources
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| Role | - Back Office Operations
- Compliance, Risk Incident Management
- Frontline Operations
- Payments Support
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| Organization Type | - Challenger / Neo Bank
- Financial Institution
- Software & Service Provider / FinTech
- Security & Law Enforcement
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| Knowledge Level | - Advanced
- Beginner
- Intermediate
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| News Details Button URL | https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-rule-on-federal-oversight-of-popular-digital-payment-apps-to-protect-personal-data-reduce-fraud-and-stop-illegal-debanking/ |