CFPB Proposes Oversight Of Digital Wallets And Payment Apps

The Consumer Financial Protection Bureau (“CFPB”) released a proposed rule to define a market for general-use digital consumer payment applications under its authority to supervise “larger participants” of a market for consumer financial products or services as defined by rule. Under the Proposed Rule the proposed market would cover providers of funds transfer and wallet functionalities through digital applications for consumers’ general use in making payments to other persons for personal, family or household purposes. Read More