WASHINGTON (Reuters) -The top U.S. consumer financial watchdog on Tuesday proposed to regulate tech giants' digital payments and smartphone wallet services, saying they rival traditional payment methods in scale and scope but lack consumer safeguards.
The Consumer Financial Protection Bureau's (CFPB) proposal would subject companies like Alphabet, Apple, PayPal and Block's CashApp to bank-like supervision, with CFPB examiners inspecting their privacy protections, executives' conduct and compliance with laws barring unfair and deceptive practices.
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