Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications
|Subject:||Digital payments; larger market participants|
The Consumer Financial Protection Bureau (CFPB) proposes a rule to define a market for general-use digital consumer payment applications. The proposed market would cover providers of funds transfer and wallet functionalities through digital applications for consumers’ general use in making payments to other persons for personal, family, or household purposes. Larger participants of this market would be subject to the CFPB’s supervisory authority under the Consumer Financial Protection Act (CFPA).
|Date proposed:||Nov. 7, 2023|
|Comments due date:||Jan. 8, 2024|
|Rule compliance date:|
|Agency release:||CFPB Proposes New Federal Oversight of Big Tech Companies and Other Providers of Digital Wallets and Payment Apps|
|Related Reg Report item(s):|