On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) proposed a rule that would allow the CFPB to supervise certain large nonbank companies that provide consumer financial services such as digital wallets and payment applications. If enacted, it would subject large technology companies handling more than five million payment transactions per year—such as Apple, Meta and Alphabet—to CFPB supervisory examinations for the first time. Under the proposed rule, these large nonbank companies would have to adhere to certain funds transfer, privacy and other federal consumer financial protection laws, including protections against unfair, deceptive and abusive practices.
Continue Reading Proposed CFPB Rule Could Subject “Big Tech” Companies to Enhanced Regulatory Scrutiny