The US Consumer Financial Protection Bureau (CFPB) has announced a new rule that will regulate digital payment providers, such as Apple Pay, Google Wallet, and Cash App, more like banks. The rule, which takes effect 30 days after publication in the Federal Register, will apply to providers that process over 50 million transactions per year.The CFPB estimates that the most popular apps covered under the rule handle over 13 billion transactions annually. The agency aims to ensure these providers adhere to federal laws surrounding privacy, fraud, and other rules, and will conduct "proactive examinations" to oversee compliance.CFPB Director Rohit Chopra stated that the rule will "help to protect consumer privacy, guard against fraud, and prevent illegal account closures." This move marks a significant shift in the regulatory landscape for digital payment providers, and is likely to have far-reaching implications for the tech and finance industries.

The CFPB estimates that the most popular apps covered under the rule handle over 13 billion transactions annually. The agency aims to ensure these providers adhere to federal laws surrounding privacy, fraud, and other rules, and will conduct "proactive examinations" to oversee compliance.

CFPB Director Rohit Chopra stated that the rule will "help to protect consumer privacy, guard against fraud, and prevent illegal account closures." This move marks a significant shift in the regulatory landscape for digital payment providers, and is likely to have far-reaching implications for the tech and finance industries.