The US regulator has issued final rules to regulate the electronic wallets of large technology companies
2024-11-21 15:58:07
The U.S. Consumer Financial Protection Bureau (CFPB) finalized a rule Nov. 21 to regulate large non-bank companies that offer digital money transfer and payment wallet applications. The rule will help the CFPB ensure that these companies (especially those that process more than 50 million transactions per year) comply with federal law, as do large banks, credit unions, and other Financial Institution Groups that the CFPB already regulates. The CFPB estimates that the most widely used applications covered by the rule collectively process more than 13 billion consumer payment transactions per year.
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