Hearing on Regulating Payment Apps and Digital Wallets, Part 1
Financial technology stakeholders debated the Consumer Financial Protection Bureau’s (CFPB) proposed rule to regulate payment apps and digit… read more
Financial technology stakeholders debated the Consumer Financial Protection Bureau’s (CFPB) proposed rule to regulate payment apps and digital wallets. Proponents of the rule argued big tech companies acted as unregulated banks and that the rule was necessary to protect consumers. However, opponents suggested the rule was too broad, did not clearly define markets, and could limit competition. Additional topics included consumer fraud and data protection. The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion held this hearing. close
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