The Consumer Financial Protection Bureau (CFPB) has unveiled a proposal to expand its regulatory reach to include major non-bank digital wallet and app providers. This move aligns with the agency’s increased focus on sectors such as consumer reporting and automobile financing. Hence, companies handling over 5 million transactions annually could soon be under closer scrutiny.
CFPB to Enforce Crypto Asset Regulations
The CFPB has raised concerns about the risks consumers face as technological advancements blur the lines between traditional banking and payment services. Consequently, entities like PayPal, Apple, and Google may change their operational landscape as the agency seeks to impose stricter regulations. Moreover, with the proposed changes, “funds” would encapsulate crypto assets, bringing them within the agency’s purview for retail transactions.
The lack of consumer protections in the digital app space, such as deposit insurance, has prompted the CFPB to act. Additionally
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