The CFPB's expanded authority now includes digital wallets and payment apps, ensuring they comply with laws and protecting consumers from risks like outages.
Rohit Chopra emphasized that digital payments have evolved into a necessity, necessitating oversight to protect privacy and prevent fraud and unauthorized account closures.
The CFPB's supervision will address privacy issues, debanking, and fraud, aiming to give consumers more control over their data and rights.
Following fines against Apple and Goldman Sachs for customer misleading practices, the CFPB's intervention highlights a commitment to safeguarding consumer interests.
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