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New rules bring PayPal, Apple Pay, and Google Pay under federal oversight | Big Tech and other large payment services will need to behave, or else...
The agency has finalized a new rule granting it unprecedented supervisory powers over major players like PayPal, Apple Pay, Google Pay, and others. While smaller companies remain...
While smaller companies remain unaffected, larger providers will now be held to standards similar to those applied to traditional banks, shedding their start-up-style freedom. Banks and credit unions serving consumers have long been subject to CFPB supervision, but tech companies have largely operated outside this regulatory framework. According to the CFPB, some popular apps have been designed to shift the responsibility for managing complaints onto traditional banks rather than addressing them directly, a practice the agency aims to curtail.
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