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U.S. Regulators Want to Treat Apple, PayPal Like Banks

The Consumer Finance Protection Bureau (CFPB) proposed to hold big tech accountable to the same regulations that banks are, in a filing Tuesday. If WatchThe M3 MacBook Pro: Made Dark for Halloween CCShare SubtitlesOffEnglishApple and PayPal did not…

CBy Charles NolanNov 08, 20231 min read

The Consumer Finance Protection Bureau (CFPB) proposed to hold big tech accountable to the same regulations that banks are, in a filing Tuesday. If WatchThe M3 MacBook Pro: Made Dark for Halloween CCShare SubtitlesOffEnglishApple and PayPal did not immediately respond to Gizmodo’s request for comment.“These activities used to be conducted almost exclusively by supervised banks,” said CFPB Director Rohit Chopra. “Today’s rule would crack down on one avenue for regulatory arbitrage by ensuring large technology firms and other nonbank payments companies are subjected to appropriate oversight.”AdvertisementMiddle- and lower-income Americans use digital payment applications about as much as they use cash, according to the CFPB. The proposal would allow CFPB examiners inside big tech companies to carefully scrutinize their activities to ensure they’re following the law.Big tech blurs the lines between banking and regular commercial activities, according to Chopra, who committed to taking on big tech in a speech last month. Chopra warned of American apps becoming like the Chinese super-app WeChat, saying big tech has “a strong incentive to surveil all aspects of a consumer’s transactions.” However, that seems like Advertisement The CFPB warned Americans in June to not store money in AdvertisementThe proposal is not yet law but now is in a commenting period, which will be open until Jan. 8, 2024.

Based on reporting by gizmodo.com.

The Consumer Finance Protection Bureau (CFPB) proposed to hold big tech accountable to the same regulations that banks are, in a filing Tuesday.
Charles Nolan · Thehackingpost
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AI transparency. This article was produced with the assistance of artificial intelligence and published under human editorial oversight. AI systems can make mistakes. Read how we use AI (EU AI Act, Art. 50).
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