• last year
The CFPB announced that digital payment platforms processing over 50 million transactions annually will face federal supervision 30 days after publication in the Federal Register. Apple Pay is a widely used U.S. digital wallet and meets this threshold. The new rule grants the CFPB authority to examine Apple Pay's compliance with consumer financial laws, including privacy, fraud, and account stability. CFPB oversight previously relied on consumer complaints or violations, but the new regulation enables proactive and ongoing scrutiny akin to traditional banking oversight.
Transcript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The CFPB announced that digital payment platforms processing over 50 million transactions annually
00:08will face federal supervision 30 days after publication in the Federal Register.
00:12Apple Pay is a widely used U.S. digital wallet and meets this threshold.
00:16The new rule grants the CFPB authority to examine Apple Pay's compliance with consumer
00:21financial laws, including privacy, fraud, and account stability.
00:26CFPB oversight previously relied on consumer complaints or violations, but the new regulation
00:31enables proactive and ongoing scrutiny akin to traditional banking oversight.
00:34For all things money, visit Benzinga.com slash GSTV.

Recommended

0:58
I
Up next
Starling Bank fined £29m by watchdog over ‘shockingly lax’ crime controls
Yorkshire Post
1:30
Biden Admin Seeks to Reduce Bank Overdraft Fees With New Proposal
Wibbitz Top Stories
0:42
TSMC Reports Record Profit Growth In Q4 On Surging AI Demand
Benzinga
0:33
CFPB Orders Google Payment Supervision, Cites Consumer Risks
Benzinga
0:34
Jeff Bezos’ Blue Origin Enters Orbital Launch Market With New Glenn’s First Flight
Benzinga
0:35
Hindenburg Research, Known for Short Selling, Shuts Down After Six Years
Benzinga
0:49
Money at Risk in Apps
Benzinga
0:52
Bank of America Faces A $250M Penalty
Benzinga
0:41
Starling Faces $38 Million Fine for Breaches Over Financial Crime Failings
Benzinga
0:41
Barclays Fined Over $50M By FCA For Undisclosed Payments To Qatar In 2008 Fundraising.
Benzinga
0:35
FTX founder Bankman-Fried convicted of defrauding cryptocurrency customers
euronews (in English)
0:37
Banks Raise Credit Card Costs Despite Delay on Late Fee Rules
Benzinga
3:12
U.S: Barack Obama Getting Divorced? Why Michelle Obama Is Skipping Trump’s Inauguration | Details
Oneindia
3:38
Israel-Hamas Ceasefire BREAKING: Deal Officially Signed in Doha; Ceasefire to Take Effect on Jan 20
Oneindia
3:30
Journalist Sam Husseini removed from Blinken's presser for questioning US role in Gaza genocide
Oneindia
1:50
Mac Miller presents meditations on love and death on posthumous album Balloonerism
Bang Showbiz
1:18
Julia Stiles is 'rooting for' her son to have a career away from showbiz
Bang Showbiz
1:10
Danielle Fishel wants child actors to know they are in a 'safe space' with her
Bang Showbiz
0:53
Elon Musk's SpaceX Starship debris streaks through sky after spacecraft destroyed
The Independent
1:35
The Traitors' Linda reveals biggest fear after being axed from BBC show
The Independent
0:38
Rivian Shares Surge Over 4% In Friday Pre-Market Following $6.6 Billion DOE Loan Agreement
Benzinga
0:37
RGTI Stock Offers 'Highest Return Potential' Among Quantum Computing Peers, Says Investor: Rigetti Computing Has Returned Over 860% In The Last Months
Benzinga
0:30
DOT Sues Southwest Airlines Over Chronically Delayed Flights, Cites Unrealistic Schedules
Benzinga
0:42
Goldman CEO Sees IPO Market Rebound Amid Regulatory Shifts
Benzinga
0:28
UnitedHealth's OptumRx Accused of Excessive Drug Pricing
Benzinga