On November 21, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule to supervise major nonbank companies offering digital payment services, such as Apple Pay, Google Wallet, PayPal, and Cash App. This rule could also impact apps specifically related to real estate related payments for both rent and settlement such as DoorLoop, Dwolla, and Paymints.io. This rule targets companies processing over 50 million transactions annually, bringing them under the same federal oversight as large banks and credit unions.
Key Aspects of the Rule
Scope of Supervision: The CFPB will oversee nonbank digital payment providers handling more than 50 million transactions per year, ensuring compliance with federal consumer financial laws.
Consumer Protections: The rule aims to safeguard consumer privacy, prevent fraud, and stop illegal account closures, addressing concerns about the rapid growth and integration of digital payment apps into daily commerce.
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