The U.S. Consumer Financial Protection Bureau will now supervise major tech firms like Apple that manage over 50 million digital transactions annually, emphasizing their banking-like role.
CFPB Director Rohit Chopra stated, 'Digital payments have gone from novelty to necessity and our oversight must reflect this reality,' acknowledging the rise in digital wallet usage.
With digital wallet use jumping to 62% among U.S. consumers, the CFPB's updated supervision reflects increasing reliance on these platforms for everyday transactions.
The final rule will empower the CFPB to conduct regular oversight on large digital payment firms, ensuring compliance with financial regulations.
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