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Apple Pay, Cash App, and other digital wallets will be regulated more like banks now
These providers will have to follow the same rules as banks.
Major digital payment providers will soon be subject to bank-like supervision from the US Consumer Financial Protection Bureau (CFPB). The new rule is meant to ensure digital payment providers adhere to the same laws as credit unions and large banks. “Digital payments have gone from novelty to necessity and our oversight must reflect this reality,” CFPB Director Rohit Chopra said in the announcement.
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