The US Consumer Financial Protection Bureau or CFPB has finalized a rule to supervise Apple Inc. and other major technology firms that offer digital funds transfer and payment wallet apps, and treat them more like banks.
In a statement, the US consumer watchdog said the rule on federal oversight of popular digital payment apps by the largest non-bank companies is aimed to protect personal data, reduce fraud, and stop illegal 'debanking.'
The rule, following a proposal from last year, is expected to supervise Big Tech and other widely used digital payment apps handling over 50 million transactions annually, in U.S. dollars, the regulator noted.
The CFPB made several significant changes from its initial proposal, which reportedly set the supervision threshold at 5 million annual transactions.
The CFPB can now ensure that these companies, specifically those handling more than 50 million transactions per year, follow federal law just like large banks, credit unions, and other financial institutions already supervised by the agency.
The CFPB estimates that the most widely used apps covered by the rule collectively process over 13 billion consumer payment transactions each year.
According to the agency, digital payment apps have become a cornerstone of daily commerce, rivaling traditional payment methods like credit cards and debit cards for both online and in-store purchases, and gained particularly strong adoption among middle and lower-income consumers.
CFPB Director Rohit Chopra said, "Digital payments have gone from novelty to necessity and our oversight must reflect this reality. The rule will help to protect consumer privacy, guard against fraud, and prevent illegal account closures."
Banks and credit unions offering consumer payment services are subject to CFPB supervisory examinations, while many very large technology firms handling billions of transactions are not under its checking.
The CFPB, which has closely observed developments in this emerging market, has monitored consumer complaints and launched an inquiry into Big Tech and peer-to-peer platforms offering popular payment apps.
CFPB said the final rule will enable it to supervise companies in key areas including privacy and Surveillance; errors and Fraud; and Debanking. The rule gives the CFPB the authority to conduct proactive examinations to ensure companies are complying with the law in these and other areas.
The rule will be effective 30 days after publication in the Federal Register.
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