New rule will target Google, Apple, Zelle, and other tech firms
On Tuesday, the Consumer Financial Protection Bureau (CFPB) announced new rules targeting the tech sector that would require digital payment platforms and wallets to comply with supervisory regulations typically reserved for large banks and credit unions. The proposal, which comes as the use of digital payment platforms in retail grows, is expected to require CFPB compliance examinations at 17 companies including Google, Apple, PayPal and Block.
“The CFPB’s proposal is more about giving Wall Street a leg up than protecting consumers,” said Chamber of Progress Financial Policy Director Janay Eyo. “Consumers love payment apps because they’re accessible, inclusive, and user-friendly – unlike big banks. Rather than trying to make fintech services work like banks, the CFPB should be working to make banks as accessible as fintechs.”
Chamber of Progress (progresschamber.org) is a center-left tech industry policy coalition promoting technology’s progressive future. We work to ensure that all Americans benefit from technological leaps, and that the tech industry operates responsibly and fairly.
Our corporate partners do not have a vote on or veto over our positions. We do not speak for individual partner companies and remain true to our stated principles even when our partners disagree.