Meta, Apple at risk of increased regulation of digital wallets

CFPB examiners would be able to monitor payment apps for compliance with federal money-transfer laws, as well as for unfair, deceptive, or abusive conduct, should the rule be finalised. — Photo by naipo.de on Unsplash

Meta Platforms Inc, Apple Inc, Alphabet Inc and other companies that offer digital wallets and payment apps would fall under US Consumer Financial Protection Bureau supervision under a newly proposed rule aimed at treating nonbanks more like traditional counterparts.

Companies handling more than five million transactions per year would be regulated like banks, credit unions, and other financial institutions already under the CFPB’s supervision, the agency said in a statement Nov 7.