New CFPB proposal cracks down on payments providers

https://bankautomationnews.com/allposts/payments/new-cfpb-proposal-cracks-down-on-payments-providers/
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The Consumer Financial Protection Bureau proposed a new rule today that would subject large nonbank companies, including digital wallet providers and payments apps, to undergo the same supervisory exam process as banks — leveling the payments playing field. Digital application usership has been on the rise in recent years as consumers looked to the apps […]

https://bankautomationnews.com/allposts/payments/new-cfpb-proposal-cracks-down-on-payments-providers/