The new rule aims to ensure digital payment providers follow the same regulations as credit unions and large banks, enhancing consumer protection and compliance.
CFPB Director Rohit Chopra emphasized that digital payments have become essential, asserting that oversight should align with their increasing relevance in everyday transactions.
By limiting the scope of the rule to apps with over 50 million transactions annually, the CFPB narrows its focus to the most significant players in the market.
The rule is intended to provide a regulatory framework that safeguards consumer privacy, mitigates fraud risks, and prevents unlawful account closures.
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