The United States Consumer Financial Protection Bureau (CFPB) has proposed a rule to allow it to supervise large non-bank digital wallet and app providers. The rule is part of a larger move by the agency that has seen it extend its supervision to consumer reporting, consumer debt collection, student loan servicing, international money transfers and automobile financing.
The rule would extend the supervisory role it already has in depository institutions such as banks and credit unions. The rule would apply to companies that handle more than 5 million transactions per year, such as PayPal, Apple, Amazon, Google and Meta. The agency said in a statement: