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Apple Pay, Cash App, PayPal and other apps to be treated more like banks | TechCrunch

TechCrunch
Summary
Nutrition label

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.

VR Score

53

Informative language

42

Neutral language

78

Article tone

formal

Language

English

Language complexity

46

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

Source diversity

1

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