US Watchdog Imposes New Rules on Big Tech Payments and Digital Wallets
November 21, 2024 – The U.S. Consumer Financial Protection Bureau (CFPB) has finalized a new rule that will bring major tech companies, which handle over 13 billion financial transactions a year through digital wallets and payment apps, under government supervision.
This move aims to regulate growing consumer services in the digital payment space, holding them to the same standards as traditional banks. The rule is designed to protect consumer privacy, safeguard data, and prevent fraud.
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