The US Consumer Financial Protection Bureau (CFPB) announced this week that it seeks increased oversight powers to regulate digital wallets and payment applications provided by non-bank technology companies, including tech giants Google and Apple. The proposal aims to subject them to a regulatory framework similar to that for banks or credit unions, with a particular focus on payments and lending. If implemented, the rule would require around 17 companies, accounting for roughly  88% of market share, to undergo regular supervision by the CFPB.

US Consumer Finance Regulator Wants to Extend Oversight to Big Tech