CFPB Expands Digital Payment Oversight

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federal oversight

Washington Post

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Top federal watchdog announces new oversight of tech giants

Summary

Nutrition label

85% Informative

New rules amount to a major expansion in the power and reach of the nation’s chief financial watchdog.

The CFPB did not specifically name the companies it plans to subject to heightened review.

It outlined only the criteria for its oversight, formally known as supervision, which will focus on ensuring that payment apps and platforms protect users’ accounts.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful