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ARTICLE · 18 JANUARY 2024

CFPB Aiming To Oversee Digital Payments

K&L Gates
K&L Gates
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In late 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would subject nonbank fintech companies to the CFPB's authority.

United StatesFinance and Banking
Jeremy M. McLaughlin
Jeremy M. McLaughlin

In late 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would subject nonbank fintech companies to the CFPB's authority. The CFPB articulated that it intends the rule to "level the playing field" between banks and fintech companies by regulating digital payments, such as peer-to-peer mobile payment apps. This would add an extra layer of oversight beyond the federal and state money transmitter laws traditionally used to regulate these types of services.

OVERVIEW OF THE PROPOSED RULE

The CFPB asserts that it has the authority to expand the scope of the entities and services that it supervises—including those that the CFPB may define by rule as "larger participant[s] of a market" for consumer financial products or services.1 The new proposed rule would expand the scope of CFPB-supervised and examined entities by defining a new market under the CFPB's purview, namely "general-use digital consumer payment applications." The rule defines the

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