The Consumer Financial Protection Bureau (CFPB) has finalized a rule to oversee the largest nonbank companies offering digital payment and wallet services. This rule targets companies handling over 50 million transactions annually, ensuring they adhere to federal laws similar to those governing banks, credit unions, and other financial institutions under CFPB supervision. Collectively, the apps covered by this rule process more than 13 billion consumer transactions each year.
The US Consumer Financial Protection Bureau (CFPB) is no longer regulating just banks, now supervising Apple and other companies offering digital wallets and payment apps. It will focus on companies that handle over 50 million transactions per year and ensure they have "the authority to conduct proactive examinations to ensure companies are complying with the law in these and other areas," the bureau said in a statement.
The Consumer Financial Protection Bureau (CFPB) published a report on November 12, 2024, examining state and federal privacy protections for consumer financial data
Fraud attacks are at an all-time high. According to the FTC, in 2023, U.S. consumers reported losing more than $10 billion to fraud, a 14% increase over 2022 and the highest dollar amount ever reported.
Approximately one year after the Colorado Privacy Act (CPA) Rules went into effect, the Colorado Attorney General proposed draft amendments to reflect recent changes to the CPA. Recall that the CPA applies to "controllers" that conduct business in Colorado or produce or deliver commercial products or services that are intentionally targeted to Colorado residents.
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