US Consumer Financial Protection Bureau Proposes Oversight Rule for Digital Wallets, Payment Apps, Including Venmo and Apple Pay

The U.S. Consumer Financial Protection Bureau has proposed a new oversight rule that would bring nonbank technology platforms, including digital wallets and payment apps like Apple Pay and Venmo, under regulatory supervision. This rule aims to give consumers control of their banking data and facilitate shopping for better interest rates. The industry is pushing back against the measure, which would subject big tech companies to the same rules as large financial institutions. The proposed regulation lacks safeguards for digital wallets and may increase costs to banks by affecting the nation's funding markets.