Get the latest tech news
Apple, Google coalition seeks to skirt payments rule - Tech advocacy groups argue the tech giants should not be subject to a Consumer Financial Protection Bureau rule because they aren’t payment companies, according to a lawsuit filed this month.
Tech advocacy groups argue the tech giants should not be subject to a Consumer Financial Protection Bureau rule because they aren’t payment companies, according to a lawsuit filed this month.
The tech industry’s argument about digital wallets has some merit, said Ramnath Chellappa, a professor of Information Systems & Operations Management at Emory University’s Goizueta Business School. “Consumers can face serious harms when they lose access to their app without notice or when their ability to make or receive payments is disrupted,” the bureau said in a Nov. 21 news release when it finalized the rule. “Director Chopra has made clear that the purpose of the Final Rule is to ‘crack down’ on ‘large technology firms,’ and is the culmination of his efforts throughout his tenure at the Bureau to do just that,” the complaint filed on Jan. 16 said.
Or read this on r/technology
