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US Consumer Finance Watchdog Faces Lawsuit Over Digital Wallet Regulation
US Consumer Finance Watchdog Faces Lawsuit Over Digital Wallet Regulation
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The Consumer Financial Protection Bureau (CFPB) in the United States is being sued by technology trade groups TechNet and NetChoice for regulating digital wallets and payment applications similarly to banks. The lawsuit, filed on January 16, challenges a rule published by the CFPB in December 2024, which expands the agency's regulatory jurisdiction to include 'general-use digital consumer payment applications.' This rule targets major companies such as Apple Pay, Google Wallet, PayPal, and other digital wallet providers and non-bank financial service providers. The trade groups argue that the CFPB's approach is excessive and aims to centralize control over the digital payments industry.
