The Consumer Financial Protection Bureau finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps.
Details: The CFPB said the rule will help 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.
Scope: The final rule will enable the CFPB to supervise companies in areas such as privacy and surveillance, errors and fraud, and debanking, which is when consumers lose access to their app without notice or when their ability to make or receive payments is disrupted. The rule will be effective 30 days after publication in the Federal Register.