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ARTICLE · 27 NOVEMBER 2024

CFPB Finalizes Federal Oversight Of Digital Payment Apps

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On November 21, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) providing it with supervisory authority over nonbank digital payments companies...

United StatesFinance and Banking
Benjamin Saul
Benjamin Saul
Tarrian Ellis
Tarrian Ellis
Nathaniel Sans
Nathaniel Sans

On November 21, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) providing it with supervisory authority over nonbank digital payments companies that meet specific thresholds. This move marks a significant step in bringing oversight to a fast-evolving segment of the consumer payments ecosystem and will subject large participants in the digital payments market to periodic examination by the CFPB. The CFPB notes that the Rule "does not impose new substantive consumer protection requirements" on any entity. Rather, it will enable the CFPB to proactively ensure that large participants "follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB."1

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