CFPB Regulates Digital Services
This is a news story, published by TechCrunch, that relates primarily to The U.S. Consumer Financial Protection Bureau news.
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•Apple Pay, Cash App, PayPal and other apps to be treated more like banks | TechCrunch
65% Informative
The U.S. Consumer Financial Protection Bureau has ruled that all digital services that handle a significant number of transactions should be subject to bank-like supervision.
The CFPB is targeting payment wallets and money transfer apps that handle more than 50 million transactions per year.
The agency will gain new powers around incorrect transactions, fraudulent activity, data privacy, and more.
While a significant change, the new rule won't mark the end of crypto scams on social networks.
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