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The Consumer Financial Protection Bureau (CFPB) is proposing to subject big tech companies and nonbank payment providers with over 5M transactions/year to CFPB supervision, applying the same rules as large banks. This includes companies like PayPal and Apple Cash. Additionally, the Financial Stability Oversight Council has finalized guidance to designate nonbanks, including private equity and hedge funds, as systemically important financial institutions.
Consumer Finance Protection Bureau wants to regulate Venmo, Apple Cash like banks https://t.co/QRknmgedzI
💵 The Financial Stability Oversight Council recently finalized guidance that will make it easier to designate nonbanks, including private equity and hedge funds, as systemically important financial institutions. https://t.co/tMima2jEU7
A new @CFPB proposal applies "the same kind of general oversight rules that you might see large financial institutions and banks operating under" to nonbank payment providers like @PayPal or @Blocks, @nikhileshde says. Watch more, presented by @trondao: https://t.co/niPflknTZh https://t.co/FPjavYxtL5
Apparently the CFPB is also a believer that “everything is fintech” 😅 and wants to subject big tech or any institution with over 5M in transactions/year to CFPB supervision (the same rules as large banks)…. https://t.co/GYjlpQcnRz
Apparently the CFPB is also a believer that “everything is fintech” 😅 and wants to subject big tech or any institution with over 5M in transactions/year subject to CFPB supervision (the same rules as large banks)…. https://t.co/GYjlpQbQ21
Apparently the CFPB is also a believer that “everything is fintech” 😅 https://t.co/GYjlpQcnRz
Big tech companies with digital payment services would have to "adhere to the same rules as large banks, credit unions, and other financial institutions" do. https://t.co/cZGfmRbBDu https://t.co/cZGfmRbBDu