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ARTICLE · 27 JUNE 2023

CFPB Report Identifies Issues With Increased Servicemember Use Of Digital Payment Apps

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On the June 20, the CFPB released its Office of Servicemember "("OSA") Affairs Annual Report. This year's report focuses on the challenges faced by servicemembers and their families when using digital payment apps.

United StatesFinance and Banking
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
Justin Fischer
Justin Fischer
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On the June 20, the CFPB released its Office of Servicemember "("OSA") Affairs Annual Report. This year's report focuses on the challenges faced by servicemembers and their families when using digital payment apps. As further discussed in a prior post, these digital payment platforms are gaining widespread popularity as substitutes for traditional banking services despite their lack of deposit insurance and lack of information in platform user agreements. The report presented the following findings with respect to servicemember use of digital payment apps:

  • A 55% increase in servicemember complaints in 2022, including a 83% increase in complaints stemming specifically from the use of digital payment apps.

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