Some digital services look like banks and act like banks, but aren’t banks — meaning they can, for instance, close down your account without notice or be difficult to contact when you want to dispute fraud, according to ”techcrunch.com” .
This is about to change: the U.S. Consumer Financial Protection Bureau (CFPB) has just ruled that all digital services that handle a significant number of transactions should be subject to bank-like supervision. The government agency will gain new powers around incorrect transactions, fraudulent activity, data privacy, and more.
Who will be subject to the new rule? Quite a few companies, as the CFPB is targeting payment wallets and money transfer apps that handle more than 50 million transactions per year. Which means Apple Pay, Cash App, Google Pay, PayPal, Venmo…
Read the full art. on ”techcrunch.com” .
Related art.:
– CFPB Finalizes Rule on Federal Oversight of Popular Digital Payment Apps to Protect Personal Data, Reduce Fraud, and Stop Illegal “Debanking” – ”consumerfinance.gov”
– CFPB Will Treat Payment Apps Like Banks – ”investopedia.com”
Foto: ”Freepik.com”
