US watchdog issues final rule to supervise Big Tech payments, digital wallets
Consumer Financial Protection Bureau said.
The new rule finalised on Thursday will bring a burgeoning consumer service under the same scrutiny faced by banks while helping protect the privacy of vast amounts of consumer data and preventing fraud and the illegal closure of their accounts, the agency said.
«Digital payments have gone from novelty to necessity and our oversight must reflect this reality,» CFPB Director Rohit Chopra said in a statement.
Regulators' supervision entails detailed internal scrutiny to ensure companies' legal compliance with federal law, something banks routinely face.
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