- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2024-11-21T18:30:00
Big Tech digital payment apps will be subjected to increased oversight and requirements–similar to that of banks and credit unions–under a finalized rule by the Consumer Financial Protection Bureau (CFPB).
Digital payment platforms and wallets offered by companies like Amazon and Apple have exploded in popularity, but process billions of financial transactions without the same surveillance and routine inspections required of banks and credit unions, the CFPB said.
The agency started tracking Big Tech payment platforms in October 2021, when it ordered six companies–Amazon, Apple, Facebook, Google, PayPal, and Square–seeking detailed information about their practices. In 2022, it warned the companies against certain types of behavioral marketing, which would violate federal consumer protection laws. In November 2023, it issued a proposed rule for digital wallet apps.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Meta disclosed in a public filing that an investigation by the Consumer Financial Protection Bureau related to financial product advertising on platforms Instagram and WhatsApp may lead to a lawsuit.
Apple and Goldman Sachs have agreed to pay $89 million for alleged gross customer service failures related to Apple Card, the Consumer Financial Protection Bureau said.
Plans in the United Kingdom to share Big Tech data with financial services firms could prompt other industry regulators to follow suit or result in “unintended consequences” that see Meta, Google, and others growing market share.
