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Apple will now be treated like a bank
The popularity of Apple Pay will now see the Cupertino company regulated by the US Consumer Financial Protection Bureau (CFPB), a...
The top US consumer watchdog will supervise Apple Inc. and other major technology firms that offer digital wallets and payment apps, finalizing a proposal from last year with several changes. The US Consumer Financial Protection Bureau will now treat those companies more like banks as long as they handle more than 50 million transactions a year, conducted in US dollars, according to a statement Thursday. Apple typically doesn’t change its policies to address legislative concerns until it is forced to do so in each of the countries and regions in which it operates, but on this occasion chose to act ahead of time.
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