Consumer Financial Protection Bureau Finalizes New Federal Supervision of Certain Providers of Digital Wallets, Payment Apps

Financial Services attorneys Eamonn Moran, Christopher Phillips, Cynthia Burnside and Jennifer Connors co-authored an article featured in The Banking Law Journal discussing the Consumer Financial Protection Bureau's (CFPB) recently finalized rule to supervise larger nonbank companies that offer digital consumer payment applications, including digital wallets and payment apps. This rule grants the CFPB direct oversight over these entities to ensure compliance with federal consumer financial protection laws. The authors highlight key elements of the rule, which increases transaction thresholds for determining larger participants and notably excludes certain digital asset transactions, indicating the CFPB's broader focus on technology's impact on consumer financial services.

READ: CFPB Finalizes New Federal Supervision of Digital Payment Providers