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CFPB pursues rulemaking to supervise Big Tech financial products
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Consumer Protection, Emerging Technology, Industry Regulation
Tuesday, November 14, 2023
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Large technology firms offering digital wallets and payment
apps could eventually find themselves under the jurisdiction of the Consumer
Financial Protection Bureau (CFPB) via the agency’s latest rulemaking
proposition.
The CFPB recently introduced a proposal to extend its
supervisory reach to larger nonbank companies which offer certain types of
financial products to consumers, noting the sizable role such products play in
the country’s financial infrastructure.
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