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CFPB sued for trying to regulate digital payment apps more like banks
The CFPB’s rule was announced last November.
Two major tech trade groups are challenging the Consumer Financial Protection Bureau’s (CFPB) effort to treat payment apps and digital wallets like banks. In a lawsuit filed in federal court in Washington, DC, NetChoice and TechNet claim that the CFPB’s digital payment regulation, announced on November 21st, 2024, is arbitrary and capricious. “The CFPB’s unlawful power grab undermines the rule of law, further bloats the administrative state and puts American consumers and innovation at risk,” Chris Marchese, NetChoice’s director of litigation, said in a statement.
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