Yesterday, the Consumer Financial Protection Bureau (CFPB) released a notice of proposed rulemaking that would allow the agency to supervise and conduct examinations of certain non-bank providers of digital wallets and payment apps. The move is intended to address perceived “regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight,” according to CFPB Director Rohit Chopra.
https://www.kelleydrye.com/viewpoints/blogs/ad-law-access/cfpb-issues-proposed-rule-to-expand-supervisory-authority-conduct-examinations-of-digital-wallets-and-mobile-payment-apps
Donnelly McDowell
dmcdowell@kelleydrye.com
(202) 342-8645
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Matthew Luzadder
mluzadder@kelleydrye.com
(312) 857-2623
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Alex Schneider
aschneider@kelleydrye.com
(202) 342-8634
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